Financing in Brooklyn>Question Details

Lucilesphere, Renter in Brooklyn, NY

I’ve heard about Fannie Mae programs. Will they really help me buy a house?

Asked by Lucilesphere, Brooklyn, NY Mon Feb 25, 2013

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Lucille - Fannie Mae programs in most cases will absolutely help you to buy a home. Fannie Mae and Freddie Mac prior to 2008 had "backed" most mortgages in the USA. Due to the high default rate, most new mortgages now are backed by the "FHA". In most cases, a first time homebuyer will not be able to secure a mortgage if it is not backed by Fannie Mae, Freddie Mac or FHA. But as I mentioned earlier the high default rates now has the FHA in the forefront of being the government guarantor for these loans.

Fannie Mae also, operates a website at http://www.homepath.com which promote the sale of their foreclosed properties. Within that site is another program called "First Look" which has favorable terms for first time homebuyers.

If you have any additional questions please contact me at 914-299-0420
0 votes Thank Flag Link Sun Mar 24, 2013
Why not simply visit with any licensed loan officer, see what options you may have...
0 votes Thank Flag Link Mon Feb 25, 2013
Actually you may be talking about FHA which allows for more financing at good rates.
0 votes Thank Flag Link Mon Feb 25, 2013
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