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April 2004
The AC Phoenix
What Is Fannie Mae?
By: Teela Spiller
Fannie Mae is one of the largest purchasers of home loans.
Fannie Mae does not lend money directly to consumers. Fannie
Mae makes it possible for lenders to have the money needed to
extend loans to consumers. In order for the loan to be sold to
Fannie Mae it must conform to certain guidelines—these are
Fannie Mae mortgage solutions.Fannie Mac (www.freddie
mac.com) and Ginnie Mae (www.ginniemae.gov) work in a similar
fashion to Fannie Mae.
Let’s go on a cyber journey together. Log on to the web and we
will do this together click by click.
Go to www.fanniemae.com and you will find information about
initiatives to help first time homeowners and minorities. Scroll
down to the Home Buyers and Homeowner’s section on the lower
left. Next, click on ‘Homepath’. Here, you will find colored links
embedded in the paragraphs. Click on the ‘Find Lender’ tab, and
there you will find a short list of companies that are able to provide
you with a Fannie Mae mortgage solution. Go to the ‘Mortgage
Solution’ link, which is in the first sentence of the ‘Find a Lender’
tab. Click to learn about the entire array of Fannie Mae mortgage
eilir OF THE NATIONS
READ DR. PATRICIA BAILEY EVERY
MONTH IN THE AC PHOENIX
Have you ever felt or sensed that God has
more for you than the mundane life of simply
going to work, church and then back home
again? If so, look for the monthly issue of
“Cry of the Nations” and find out how you
can participate in God’s global plan!
Dr. Patricia Bailey
solutions. I recommend the ‘By Product’ link. Here, you have the
titles Adjustable Rate, Fixed Rate and No/Low Money Down.
Again, these same products are offered by most lenders and mort
gage brokers. When you click on Adjustable Rate mortgage you
will learn about the different product options and when you select
one you will read the actual description of what the loan offers.
On the lower left, under ‘Homepath’ you will find the ‘Becoming
a Homeowner’ link. Click on the ‘Getting Started’ link. Here, you
will find so many links to educate yourself on homeownership.
Links such as ‘Selecting Your Home’; ‘Real Estate Professionals’;
‘Home Inspections’ and ‘Closing’ (costs) among other links are
here. Clicking on every group of words in an ink color other than
black is a link to educating yourself about homeownership.
Teela Spiller is a mortgage & Real Estate Broker
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