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

Help the community by answering this question:

Answers

4
Lowell Sterling’s answer
Yes most banker who has access to all the various programs can help you understand your options.

BUYING A HOME

Start the process right 1st by talking to a Licensed Mortgage Professional to determine who much home you can afford and whether you are credit wordy and is there an ability to repay the loan.

The Mortgage Professional will give you a conditional approval letter to take to the realtor.

Once the realtor has found your home you should get it inspected to determine if it’s structurally safe (have the realtor recommend one locally) and be sure to ask your realtor to negotiate a home warranty paid by the seller.

Now is the time to determine and negotiate you rate and terms with the Loan Officer who is responsible to order an appraisal that you will be responsible to pay for prior to the arrival of the appraiser.

You’re Mortgage Professional / Loan Officer will be responsible to guide you the rest of the process and should not take more than 30 days.

DURING THIS PERIOD DO NOT TAKE ON ANY ADDITIONAL DEBT UNTIL THE LOAN IS CLOSED AS YOU WILL BE DENIED THE LOAN.

Wherever you're located in this nation, you can trust you're working with a reputable mortgage banker - not a fly-by-night operation. Here's why.

Bank of England is partners with every major investor on Wall Street; allowing us to provide the best rates and terms on all mortgages.

We are approved by the Better Business Bureau and Bank of England /ENG Lending is the only mortgage bank among its competitors that is owned by a FDIC insured bank and did not need government bailout to remain solvent.

Bank of England loan officers don't simply facilitate the loan process; they act as "financial advisors," helping clients assess their finances on a larger scale. Whether you're self-employed and need a low-doc mortgage loan, or you're searching for the best rates on a jumbo home loan, your loan officer is here to find your perfect solution.

Get the facts about home mortgages from the experts at ENG Lending. Learn about different types of home mortgage loans and what to expect during the mortgage application process. Plus, find information about the current mortgage market and which mortgage myths you should never believe.
Let ENG's experienced Mortgage Bankers help you find a solution for your financial needs. My name is Lowell contact me at (972) 646-2411 so we can discuss your situation in private. Benefit from my 21 years of experience answering the most common mortgage questions.


Lowell Sterling
Loan Officer
NMLS# 968898
LSterling@englending.com
16800 N. Dallas Pkwy, Suite 290 | Dallas, TX 75248
Office: 972-646-2411 | Cell: 214-418-7022 | Fax: 214-614-4637
Bank of England /dba ENG Lending: NMLS# 418481
1 vote Thank Flag Link Mon Feb 25, 2013
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
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer