Fannie Mae (the Federal National Mortgage Association) is a private, shareholder-owned company. Lenders across the United States and Fannie Mae are helping to reduce the increasingly difficult financial burden for the average American home buyer. Home financing is available to home buyers through lenders nationwide on all of Fannie Mae’s standard first mortgage products.
Fannie Mae’s HomeStyleSM mortgage loans offer a total financing package that provides the funds necessary to finance home improvements or to purchase a home that needs renovation.
You can inquire at local lenders for information about types of mortgages sponsored by Fannie Mae, or you can obtain pamphlets from Fannie Mae by calling (800) 732-6643.
Several of the Fannie Mae-sponsored mortgages are briefly described below.
- Biweekly Mortgage. Requires 26 biweekly payments that are equivalent to 13 monthly payments a year. The extra monthly payment, along with its more frequent application of payments to the loan balance, greatly increases the speed with which the loan is paid in full and allows fast equity buildup and a shorter loan term. You’ll realize substantial interest savings and will have affordable and convenient payments.
- 15-Year Mortgage. This mortgage gives home buyers the guaranteed interest rate and fixed monthly payment available with a 30-year mortgage. Buyers also have a shorter loan maturity, faster equity buildup, affordable monthly payments and lower interest costs.
Several other mortgages are a 10-Year Fixed-rate, 20-Year Fixed-rate and 7-Year and 10-Year Balloon Mortgages.