Enacted by Congress at different times in history to help citizens achieve the dream of homeownership, Fannie Mae and Freddie Mac provide liquidity, stability, and affordability to the greater mortgage market.
Both Fannie Mae and Freddie Mac are mortgage-backing entities that aim to boost the housing market—but each does so in a unique way. Let’s delve into how each of these lend an assist to your journey toward homeownership.
Fannie Mae boasts many programs for both first-time and repeat homebuyers. Some of these products are intended to help you buy a home or refinance with a lower rate or even assist you in purchasing real estate owned (REO) property. Click here for a full listing of Fannie Mae mortgage products.
Freddie Mac offers an array of products and services, all aimed at assisting borrowers in different ways. These innovative mortgage offerings address an array of situations, like financial assistance, renovations, cash-out refinances, and more. Click here for a full listing of Freddie Mac products.
A median FICO credit score of at least 620, from the three major credit bureaus
Your DTI, which compares monthly debt to before-tax monthly income, should be no higher than 50%.
A necessary down payment could be anywhere from 3% to 5%.
If you’re thinking of living in the Kalamazoo Michigan area, consult this comprehensive guide outlining the top-ranked neighborhoods, as well as location, school districts, median home prices, local amenities, recreation, and more.
Read MoreGovernment-backed mortgages provide many financial benefits for first-time and repeat homebuyers, such as lower down payments, lenient credit score requirements, improvement project grants, and more.
Read MoreIf you’re thinking of living in the Greenville, South Carolina area, important factors to consider include location, school districts, median home prices, transportation access, local amenities, entertainment, and more.
Read MoreWhen considering purchasing a home on Long Island, it’s best to have updated documentation including financial statements and tax returns, mortgage pre-approval and commitment letters, neighborhood and realtor preferences, and more.
Read More