Fannie Mae FNMA Conventional Loans
What’s Fannie Mae?
You might’ve heard of Fannie Mae. Did you know it’s one of two government sponsored entities that backs roughly 80 percent of conventional loans in the US? Fannie Mae’s main purpose is to increase homeownership for Americans of all backgrounds.
Loans secured by the government sponsored entity (GSE) Fannie Mae, also known as the Federal National Mortgage Association (FNMA), are conventional home loans.
Contact Us Today
For a conventional home loans package, rates and terms, loan to values and underwriting guidelines, contact:
Dorothy Reik
President
Bankers Group
C: 310-291-1300
H: 310-455-4050
O: 818-226-6100
Fax: 818-226-6111
dorothy@bankersgroup.us
CalBRE Lic #01233829
NMLS Bankers Group ID #294230
(B&P 10140.6(b); Regulation 2773)
Bankers Group is located at 5311 Topanga Canyon Blvd Suite 201, Woodland Hills, CA 91364.
Bankers Group works with homebuyers on conventional home loans in Topanga, Woodland Hills, Calabasas, Malibu, Pacific Palisades, Santa Monica, Venice, Brentwood, Westwood, Beverly Hills, Bel Air, Los Angeles, West Hollywood, Hollywood Hills, North Hollywood, Valley Village, Encino, Van Nuys, Sherman Oaks, Reseda, West Hills, Canoga Park, Chatsworth Agoura Hills, Thousand Oaks, Sylmar, Oxnard and thre greater Los Angeles area.
Fannie Mae Guidelines
Conventional loans that conform to Fannie Mae guidelines can be made to purchase or refinance homes with a first mortgage or second mortgage on single family to four family homes.
In general, the Fannie Mae guidelines for a single family, first mortgage conforming loan limit is $510,400. The new ceiling loan limit for one-unit properties in most high-cost areas is $765,600 — or 150 percent of $510,400. This limit is reviewed annually and, if needed, changed to reflect changes in the national average price for single family homes.
Loans which are larger than the limits set by Fannie Mae are called jumbo loans. Because jumbo loans are not funded by GSEs like Fannie Mae, they usually carry a higher interest rate and some additional and more stringent underwriting requirements by the lender.
In addition to common loan structures such as fixed rate loans, adjustable rate mortgages (ARM) and balloon loans, Fannie Mae works with high balance loans and high LTV refi options.
Bankers Group conventional loan programs that conform to Fannie Mae guidelines include:
- First mortgages,
- Second mortgages,
- Adjustable rate loans
- 15 fixed rate loans
- 30-year fixed rate loans
- 40-year amortization loans
- High balance loans
- High LTV refi options.
At Bankers Group, we help find financing options for your conventional loan needs.
Contact Us Today
For a conventional home loans package, rates and terms, loan to values and underwriting guidelines, contact:
Dorothy Reik
President
Bankers Group
C: 310-291-1300
H: 310-455-4050
O: 818-226-6100
Fax: 818-226-6111
dorothy@bankersgroup.us
CalBRE Lic #01233829
NMLS Bankers Group ID #294230
(B&P 10140.6(b); Regulation 2773)
Bankers Group is located at 5311 Topanga Canyon Blvd Suite 201, Woodland Hills, CA 91364.
Bankers Group works with homebuyers on conventional home loans in Topanga, Woodland Hills, Calabasas, Malibu, Pacific Palisades, Santa Monica, Venice, Brentwood, Westwood, Beverly Hills, Bel Air, Los Angeles, West Hollywood, Hollywood Hills, North Hollywood, Valley Village, Encino, Van Nuys, Sherman Oaks, Reseda, West Hills, Canoga Park, Chatsworth Agoura Hills, Thousand Oaks, Sylmar, Oxnard and thre greater Los Angeles area.
About Fannie Mae
Fannie Mae was founded by Congress in 1938 in response to the Great Depression and as part of The New Deal. Congress created Fannie Mae to stimulate the housing market by making more mortgages available to low to moderate income home buyers. When the Great Depression hit, roughly 25% of the nation’s homeowners were foreclosed on. The response by Congress was the creation of Fannie Mae. Fannie Mae channels its efforts into increasing the availability and affordability of homeownership for low, moderate, and middle income Americans.
Fannie Mae is not a loan originator, not does it provide mortgages to borrowers. Fannie Mae purchases and guarantees mortgages through the secondary market. It is one of the two largest purchases on the secondary market. The other is Freddie Mac, also known as the Federal Home Loan Mortgage Corporation (FHLMC).
Conventional Loan Applications
Bankers Group is located at 5311 Topanga Canyon Blvd Suite 201, Woodland Hills, CA 91364.
Bankers Group works with homebuyers on conventional home loans in Topanga, Woodland Hills, Calabasas, Malibu, Pacific Palisades, Santa Monica, Venice, Brentwood, Westwood, Beverly Hills, Bel Air, Los Angeles, West Hollywood, Hollywood Hills, North Hollywood, Valley Village, Encino, Van Nuys, Sherman Oaks, Reseda, West Hills, Canoga Park, Chatsworth Agoura Hills, Thousand Oaks, Sylmar, Oxnard and thre greater Los Angeles area.
Contact Us Today
For a conventional home loans package, rates and terms, loan to values and underwriting guidelines, contact:
Dorothy Reik
President
Bankers Group
C: 310-291-1300
H: 310-455-4050
O: 818-226-6100
Fax: 818-226-6111
dorothy@bankersgroup.us
CalBRE Lic #01233829
NMLS Bankers Group ID #294230
(B&P 10140.6(b); Regulation 2773)
Bankers Group is located at 5311 Topanga Canyon Blvd Suite 201, Woodland Hills, CA 91364.
Bankers Group works with homebuyers on conventional home loans in Topanga, Woodland Hills, Calabasas, Malibu, Pacific Palisades, Santa Monica, Venice, Brentwood, Westwood, Beverly Hills, Bel Air, Los Angeles, West Hollywood, Hollywood Hills, North Hollywood, Valley Village, Encino, Van Nuys, Sherman Oaks, Reseda, West Hills, Canoga Park, Chatsworth Agoura Hills, Thousand Oaks, Sylmar, Oxnard and thre greater Los Angeles area.