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Most American homeowners:
These are the general and basic criteria of a Fannie Mae and Freddie Mac loan.
Fannie and Freddie are government-sponsored entities whose charter is to help keep mortgage money flowing to people that want it. The rough rules by which they'll lend are outlined above and encompasses the majority of America.
On the other hand, the host of privately-funded lenders that have bankrupted, merged or otherwise shut down had rules that apply to a small subset of Americans with very specific needs.
Think grocery store shopping: The GSEs are the regular bread, the mortgage banks are the gluten-free.
The majority of Americans qualify for Fannie- and Freddie-backed home loans so you shouldn't get nervous when reading the headline news. For most of our country, the lending options are plentiful -- everyone can eat from world's largest loaves of bread.
Dan Green (NMLS #227607) is an active loan officer with Waterstone Mortgage. Email Dan ator call 513-443-2020.
Bonus: Click to get a free, no-obligation rate quote. I love to work with my readers!
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