To start, Fannie Mae, you know the name. First, do you really know what they do? Second, they help those who want to buy a home. However, consumers need to know how. Find out with Fannie Mae programs.
Fannie Mae, you know the name
Their goal is to help more people access homes by connecting future homebuyers with down payment assistance programs. through a network of state and local housing finance agencies. Learn how
Bridging the affordable housing gap. Fannie Mae is focused on providing more homebuying solutions that will help low- to moderate-income borrowers achieve homeownership. With our HFA Preferred™ product, lenders can grow their businesses as we work together to bridge the affordable housing gap.
Certainty you can count on with HFA Preferred
Through partnerships with nearly 70 state and local housing finance agencies, Fannie Mae advances affordable homeownership by providing a personalized, mission-driven approach to consumers throughout the loan process. In 2024, this effort enabled more than 22,000 families to overcome barriers to affordable housing.
HFA Preferred is Fannie Mae’s low-down payment conventional mortgage product that participating HFAs can use to serve low- to moderate-income borrowers exclusively through their lender partners. This is an ideal product for lenders and their borrowers looking to work through their state or local HFAs.
To originate HFA Preferred, lenders should contact their state or local HFA about becoming an approved HFA correspondent lender. The National Council of State Housing Agencies and the National Association of Local Housing Finance Agencies provide resources to help lenders learn more about working with HFAs.
More Benefits Mean You Have More Access
- Down payment assistance is available through many HFAs
- Lender-funded grants are permitted under certain circumstances
- Borrower income limits set by the HFA
- No minimum contribution requirement from borrower’s own funds (one-unit properties)
- Reduced mortgage insurance coverage for loans at or below 80% of Area Median Income (AMI)
READ MORE ON FANNIE MAE WEBSITE ……
For more answers on local Las Vegas, Nevada, Real Estate news, contact Randy Bridges by email or call/text.
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Contact Randy Bridges-Realtor, Lic# S.41531 for Las Vegas, Nevada, information. Providing housing market information since 1998.
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