FNMA Loans

The Benefits You Get From Working With a Fannie Mae-Approved Lender

Evergreen Home Loans can help you find the lowest cost mortgage for which you can qualify. When discussing the mortgage products available to you, your Fannie Mae-approved lender is working with your interests in mind.

Fannie Mae has taken a public stance in favor of consumer rights - against any type of predatory lending. By working with lenders that advance these same rights - not charging exorbitant fees, or steering customers to mortgages that aren't in their best interests - Fannie Mae is striving to improve lending practices across the country for the benefit of borrowers.

In addition to the savings brought to you through Fannie Mae's technology tools, you will pay less interest with a Fannie Mae mortgage. Generally, any mortgage above Fannie Mae's loan limit is considered a "jumbo loan," and will carry a higher interest rate than a Fannie Mae loan.

What does this mean to your pocket book? You would save more money buying a home with a 30-year mortgage financed by Fannie Mae - when compared to a home financed for the same number of years in the jumbo loan market.

If you are considering buying a home with more than one unit (for instance a duplex, a triplex, or even a four-unit home), Fannie Mae loan limits and your possible savings are even higher.

Once you've contacted Evergreen Home Loans, your credit report will be reviewed (with your permission) to verify your monthly debt payments, the amount of your current long-term debts, and how long it will take you to pay off your current debts. Your lender wants to know that your credit history shows you are willing to repay your mortgage loan.

Having a good credit record means, among other things, that you pay your rent and other bills on time. This shows lenders you use your credit responsibly.

Some additional questions:

• Do you have the required financial resources to buy a home?
• Do you have enough money for a down payment, closing costs, and a monthly mortgage payment , as well as sufficient funds to pay taxes, insurance, and other costs associated with owning a home?

Many home buyers use a common technique for figuring out how much home they can afford - the purchase price of the house can be up to two-and-a-half times their annual gross income. This is merely a rough estimate of buying power, which could be more or less depending on the situation.

Evergreen Home Loans can help you calculate your buying power, based on your total income, debts, credit history, and other factors. If you're buying a house with someone else - a spouse, parent, partner/companion, etc. - that person's annual gross income can be included in computing the cost of the home you can afford. Remember that that person's credit report will also be reviewed, and his or her debts will be factored into whether you both can get a mortgage.

Fannie Mae Loan Limit

Suzi Boyle