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Fannie Mae Loans

Fannie Mae has set some loan limits on the conforming and jumbo loans for the borrowers to avail with the help of the corporation. To buy single family home loans from loan companies, mortgage bankers, commercial banks and other financial institutions, Fannie Mae requires the loan term to conform with their set of guidelines. Fannie Mae lenders work with mortgage programs made available only to individuals. A general partnership or a corporation will not qualify for a loan term from the enterprise. Generally, conforming loans offer low interest rates as they are guaranteed to be purchased by Fannie Mae or Freddie Mac thereby allowing more funds to be available for the home buyers.

Fannie Mae Loan Limits

The corporation have set maximum limits of loan amount that a borrower can avail. In case, if a borrower is unable to meet their terms then, he or she can apply for a non-conforming loan having a slightly higher interest rates. As a stockholder owned company, Fannie Mae purchase mortgages and packaged them into securities to resell it to investors. They allow banks and mortgage financing companies to provide financial assistance to more borrowers as their capital is not tied up with long term loan programs. They have strict requirements for buying loan products and they endeavors to reduce the risk level by making guidelines on loan amount, credit score, down payment and income level.

Fannie Mae Loan Guidelines

Fannie Mae and other government sponsored enterprises like Freddie Mac create new guidelines for their loan amounts. Those borrowers who are not able to get a conforming loan term can borrow more than the maximum loan amount with a jumbo loan. However, the interest rates will be slightly higher as these type of loan programs are handed on a smaller scale. The following are some reliable tips that borrowers could follow while looking to deal with Fannie Mae.

Borrowers should check whether they are eligible to apply for the loan term that are owned or insured by Fannie Mae or Freddie Mac. They are also required to check that the mortgage value is greater than the existing market price value of the home by over 105%. Borrowers can either directly contact the corporation through a call or either visit their official website and make their application. Homeowners and borrowers can also get some assistance from counselors appointed by the HUD to help them deal professionally with the corporation.
 
FiLife
FiLife works in partnership with The Wall Street Journal to provide a wide range of details relating to the real estate and housing industries in the United States. The company also offer reliable information on the loan modification programs offered by Fannie Mae.

WebSite:http://www.filife.com/stories/fannie-mae-loan-search-simplifies-loan-modification
 
MakingHomeAffordable.com
Visit MakingHomeAffordable.com, if you want the most reliable details on the Home Affordable Refinance Program provided by Fannie Mae and Freddie Mac. You can also check whether you may qualify for a loan modification plan by going through the website.

WebSite:http://makinghomeaffordable.gov/loan_lookup.html
 
eFannieMae.com
At eFannieMae.com, you can check out the latest info on the conforming loan limits of Fannie Mae. Visit the website to get further details on their services.

WebSite:https://www.efanniemae.com/sf/refmaterials/loanlimits/



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