What is FANNIE MAE?
Federal National Mortgage Association (FNMA) also know as
"Fannie Mae" is a corporation created by Congress that purchases
and sells conventional residential mortgages as well as those insured by
the FHA or guaranteed by the VA. This
institution, which provides funds for many mortgages, makes money more
available and more affordable. The
Federal National Mortgage Association is a secondary mortgage institution,
and the largest single holder of home mortgages in the United States. FNMA
buys VA, FHA, and conventional mortgages from primary lenders.
All FNMA loans require reserve (escrow) accounts that hold a
portion of a borrower's monthly payments to pay for taxes, hazard
insurance, mortgage insurance, lease payments, and other items as they
become due.
Landmark Mortgage
can
assist you with obtaining the type of loan that best suits your needs
whether you're purchasing or refinancing. We can advise you on the best
approach to help you get the house of your dreams!
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