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Loans meets underwriting guidelines required for Fannie Mae or Freddie Mac to purchase them.
The main difference between Fannie Mae (FNMA; Federal National Mortgage Association) and Freddie Mac (FHLMC; Federal Home Loan Mortgage Corporation) is that Fannie May primarily buys mortgages issued by banks and Freddie Mac primarily buys mortgages issued by thrifts. A secondary difference between the two is that Fannie Mae started in 1938 as part of the "New Deal" and Freddie Mac started in 1970 in order to create competition in the secondary mortgage market.
tl;dr
No Fannie Mae and Freddie Mac are not FHA lenders. FHA loans are guaranteed loans and the others are not. FHA loans also have different guidelines and qualification tools.
Mortgage notes are considered a company asset and are transferred or sold to other servicing lenders. Most mortgage companies only service loans for investors "fannie mae, Freddie Mac, etc."
Freddie and Fannie don't actually support mortgages but rather securitize them. There's a table here showing what loans fannie and freddie securitize: http://www.fanniemae.com/aboutfm/loanlimits.jhtml . In theory, a portfolio lender that simply holds onto loans and never resells them could write you a mortgage even below these amounts and simply hang onto it. That said, the chances of finding anyone willing to do this are near nil.
Loans meets underwriting guidelines required for Fannie Mae or Freddie Mac to purchase them.
The main difference between Fannie Mae (FNMA; Federal National Mortgage Association) and Freddie Mac (FHLMC; Federal Home Loan Mortgage Corporation) is that Fannie May primarily buys mortgages issued by banks and Freddie Mac primarily buys mortgages issued by thrifts. A secondary difference between the two is that Fannie Mae started in 1938 as part of the "New Deal" and Freddie Mac started in 1970 in order to create competition in the secondary mortgage market.
tl;dr
No Fannie Mae and Freddie Mac are not FHA lenders. FHA loans are guaranteed loans and the others are not. FHA loans also have different guidelines and qualification tools.
the bulk of residential mortgage originations are used to collateralize mortgage securities, primarily through secondary loans originating from Freddie Mac, Fannie Mae, and Ginnie Mae.
Mortgage notes are considered a company asset and are transferred or sold to other servicing lenders. Most mortgage companies only service loans for investors "fannie mae, Freddie Mac, etc."
Yes.
The lowest mortgage rates are offered by private lenders though they may use various government programs for the specific mortgage loan. The government does not actually make mortgage loans, though government sponsored enterprises such as Freddie Mac and Fannie Mae purchase the loans later from banks which actually make the loans.
The federal government took control of Fannie Mae and Freddie Mac on Sunday in a bid to keep the two mortgage giants from failing, catastrophes that would have made home loans harder to get and taken the nation's housing collapse to a new level of crisis.
A "conforming mortgage," for sake of simplicity, is any loan amount up to $417,000 for a single-family residence that fits guidelines set forth by Fannie Mae and Freddie Mac.Because conforming loans adhere to underwriting rules set by Fannie and Freddie, which include credit and income requirements, they are considered lower risk and are more easily sold to investors in bulk on the secondary market.
Agency simply means that the loan is backed by either Fannie Mae of Freddie Mac. These loans typically have lower interest rates than non-Agency loan programs, but are more difficult to qualify for.