Fannie Mae is a private company that operates under a congressional charter to increase the availability and affordability of homeownership for low-, moderate-, and middle-income Americans.

Fannie Mae does not lend money directly to home buyers. Instead, they work with lenders to make sure that the lenders don’t run out of mortgage funds, which allows more people to achieve the dream of homeownership.

• One-family mortgage: $333,700
• Two-family mortgage: $427,150
• Three-family mortgage: $516,300
• Four-family mortgage: $641,650

Note: One- to four-family mortgages in Alaska, Hawaii, the U.S. Virgin Islands, and Guam are 50 percent higher than the limits for the rest of the country.

Second mortgages qualifying for Fannie Mae Mortgage under the guidelines

• $166,850

In Alaska, Hawaii, Guam, and the U.S. Virgin Islands: $250,277

History of Fannie Mae

In 1938, the Federal government established Fannie Mae to expand the flow of mortgage money by creating a secondary market. Fannie Mae was authorized to buy Federal Housing Administration (FHA)-insured mortgages, thereby replenishing the supply of lendable money.

In 1968, Fannie Mae became a private company operating with private capital on a self-sustaining basis. Its role was expanded to buy mortgages beyond traditional government loan limits, reaching out to a broader cross-section of Americans.

Fannie Mae Foundation

The Fannie Mae Foundation creates affordable homeownership and housing opportunities through innovative partnerships and initiatives that build healthy, vibrant communities across the United States. The Foundation is specially committed to improving the quality of life for the people of its hometown, Washington, D.C., and to enhancing the livability of the city’s neighborhoods. Click here to learn more.

Get Started with a Fannie Mae Mortgage Now

Interested in a Fannie Mae Mortgage? Let us help you get a Fannie Mae mortgage by visiting our 1 Step Mortgage Home Loan Request Form now!

• Reduce Monthly Mortgage Payments
• Security of a Fixed Rate Home Loan
• ARM (Adjustable Rate Mortgage) Savings
• Take Cash Out
• Eliminate Mortgage Insurance
• Reduce Monthly Mortgage Payments

Home mortgage refinancing can be a great way to lower monthly mortgage payments. There are two prime ways to accomplish mortgage refinancing. The simplest reason for home mortgage refinancing with a new home loan is because most lenders are offering a lower current interest rate than your existing mortgage. In fact, a drop of just a half to three quarters of a percent in mortgage refinancing can lower your payment significantly.

You can also lower your mortgage payments through mortgage refinancing by changing your mortgage term. Switching from a 15 to a 30-year home mortgage refinancing term can significantly lower your monthly payment. If long-term savings is your prime goal with home mortgage refinancing, you may be able to save thousands of dollars over the life of your loan and pay off your loan much sooner by reversing this process and switching to a shorter loan term with mortgage refinancing.

With rates near historical lows, this may be a perfect time to save with home mortgage refinancing. To have one of our lending partners help you evaluate potential savings with mortgage information, simply fill out our 1 Step Mortgage Home Loan Request Form.

Security of a Fixed Rate Home Loan

The benefit of an adjustable rate loan is the reduced interest charge. Conversely, the danger is that when interest rates rise, the borrower may be forced to pay significantly higher rates. While fixed rate loans will usually have a higher rate than an adjustable at the outset, they aren’t subject to shifting market conditions. With rates at near historical lows, this may be time to secure the “peace of mind” provided by locking in a rate for the term of your mortgage.

Your security may be even further enhanced if you expect to be in your home for a long term. To have one of our lending partners help you evaluate Fixed Rate Loans under the currently favorable market condition, simply fill out our 1 Step Mortgage Home Loan Request Form.

ARM (Adjustable Rate Mortgage) Savings

It may make sense to refinance your mortgage into an ARM if you plan on being in your home for only a few years. After all, why pay the higher current interest rate on a 15 or 30 year fixed mortgage, when you can pay a lower rate (Usually, but subject to greater risk) for the shorter period of time you’ll be living in the home? If, however, you decide to stay for a longer timeframe, you may choose to consider the fixed rate loan.

If you already have a fixed rate mortgage and are considering moving within the next few years, it may make sense to consider refinancing into an ARM. Not only can this lower your monthly payment, but by choosing certain loan types, you can refinance your home loan with no out of pocket expenses.

To have one of our lending partners help you evaluate how refinancing into an ARM may be right for your situation, simply fill out our 1 Step Mortgage Home Loan Request Form.

Take Cash Out

Would you like to have money to pay off credit cards and other high interest debt, finance home improvements, buy a new car, finance a second home purchase, pay a college tuition or even go on vacation? If so, perhaps a cash-out mortgage refinance is for you.

Typically, you may be able to take out up to 75% of the value of your home, but with some options this may rise to 90%. Also, unlike borrowing on credit cards, which utilize compound interest calculations, mortgages use simple interest, which may save you significant interest. Moreover, interest paid on mortgages is tax deductible (see your tax professional to evaluate) and this may result in additional savings.

To have one of our lending partners help you evaluate how to CASH OUT, simply fill out our 1 Step Mortgage Home Loan Request Form.

Eliminate Mortgage Insurance

If you purchased your home with less than 20% down, you probably have a monthly mortgage insurance payment along with your principal and interest. But, since your purchase, you probably have increased your equity percentage. In fact, because of rising home values, you may have exceeded the 20% figure simply because your home has become more valuable. Unfortunately, you may not be able to cancel your mortgage insurance yet.

A home loan refinance to eliminate mortgage insurance should be designed to not only get a loan without mortgage insurance, but also to find a rate that is lower than your current loan. The ideal situation would be to reduce your rate by more than just the cost of your monthly mortgage insurance payment alone.

To have one of our lending partners help you evaluate how you might be able to eliminate mortgage insurance and reduce your rate, simply fill out our 1 Step Mortgage Home Loan Request Form.