Jan
1
Fannie Mae Explained
Filed Under mortgage
Fannie Mae and Freddie Mac reduce the costs of borrowers, who meet the underwriting requirements of the agencies, and who need loans no larger than the largest mortgage the agencies are allowed by law to purchase. For 2006 the maximum is $417,000. It is raised every year in line with increases in home prices.
There is no company in America, taking bigger strides or that is more committed to providing lending for the purpose of expanding minority homeownership.
The Conforming Loan limits set by FNMA (Federal National Mortgage Association) for 2006 is $417,000 for single family residence, $533,850 for duplex, $645,300 for triplex, and $801,950 for quads. Hawaii and Alaska have Conforming loan limits 1.5 times higher than the continental U. S. Mortgages with loan amounts higher than the conforming limits set by Fannie Mae are referred to as “Jumbo Loans”.
These loans offer the best rates for borrowers. You do not need perfect credit to qualify and they also will take very high debt to income ratios, sometimes as high as 65%.
Is your rate too high? If you're looking to compare mortgage rates or to get a rate quote on a FHA loan start hereFile this under: debt, jumbo, lending, mortgage, purchase, rate
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