With the addition of our free Spanish homeownership education course, more borrowers will have a clearer understanding of the home-buying process.
We now assist lenders in taking into account good rent payment history when evaluating mortgage credit, a crucial step in fostering homeownership opportunities.
Helping you on your home journey
We provide everyone in the country with access to fair and affordable housing financing.
Vice President, Single-Family Real Estate Asset Management
Market Research Advisor, National Housing Survey Lead
Getting several mortgage quotes may not be as exciting for prospective homebuyers as looking for the actual house, but research has shown that “shopping around” with various lenders for the best mortgage terms can result in significant savings.
What qualifies as a first-time home buyer with Fannie Mae?
First-time home buyer: A person is deemed a first-time home buyer if they meet the following criteria: (1) they are purchasing the security property; (2) they intend to use it as their primary residence; and (3) they had no ownership interest (sole or joint) in a residential property during the three years prior to the date of purchase.
How do you qualify for a Fannie Mae home?
- Those with a credit score of at least 620.
- Those with a maximum DTI of 50%
- Buyers with limited money for down payment.
Is a Fannie Mae loan better than FHA loan?
The main differences between the loans are that an FHA loan requires a lower credit score to qualify and a 3. A possible lower down payment than a Fannie Mae loan is 5 percent. In comparison to the FHA loan, the Fannie Mae loan has a higher minimum credit score requirement of 620 to 640.
Is Fannie Mae and FHA the same thing?
Is Fannie Mae the FHA? No. Loans made by lenders to borrowers with low to moderate incomes are insured by the Federal Housing Administration, an organization of the government. When compared to conventional loans bought by Fannie Mae and Freddie Mac, FHA loans have more lenient credit requirements.