Have you ever wondered about programs like Fannie Mae?…. which appears to be the most widely used. Just in case you want to know……… Fannie Mae stands for The Federal National Mortgage Association, abbreviated as FNMA or “Fannie Mae”. The Government National Mortgage Association, abbreviated GNMA and known as “Ginnie Mae” and the last one is “Freddie Mac” which stands for Federal Home Loan Mortgage Corporation and abbreviated FHLMC. All of these programs are a part of the secondary market lenders and facilitate the movement of funds from state-to-state.
questions that you should ask your lender. Find out which loans you are eligible for …….Conventional, FA, FHA, VA, USDA, and or MCC. MCC is one that most people are not knowledgeable about and the lenders do not tell their clients about it. I will discuss that one at a later time. USDA is another one that is not utilized as much as it should be. The USDA preogram offers a ‘no money down’ purchase; however it is only offered for some areas that has been pre-determined because of the location. The areas inside the San Antonio city limits do not qualify. You would need to look at the USDA map, provide the address of the property to find out if it qualifies.