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%.
With this year’s winter real estate market predicted to be one of the best ever, now is the perfect time to sell your home due to low interest rates, pent-up demand, proactive buyers, increased online technology, and other trends.Read More
Prospective first-time home buyers may qualify for several significant cost-saving incentives, such as government-backed loans and grants, tax credits and exemptions, financial assistance, and more.Read More
Sell your home and take advantage of low interest rates, flexible financing options, competitive pricing, and other favorable market trends while following COVID-19 health and safety guidelines.Read More
Home equity is an invaluable investment that can be utilized to obtain a loan, line of credit, or refinancing, for value-driven expenses such as home improvements and emergency repairs, education costs, real estate investments, and more.Read More