Main Loan Types
Learn About Mortgage
Fannie Mae is the most common name of the Federal National Association. Fannie Mae is a congressional chartered, shareholder - owned company that buys mortgages from lenders and resells them as securities on the secondary mortgage market. Before approving you, Fannie Mae looks at a number of factors including credit rating, debt ratio, and employment history.
Freddie Mac is the common name for the Federal Home Loan Mortgage Corporation. The 2003 maximum loan amount for the both Fannie Mae and Freddie Mac is $417,000. Freddie Mac does not issue mortgage directly, rather, they buy mortgage from lenders and sell them as securities on the secondary mortgage market. Factors involved to approved are credit ratings, debt ratio, and employment history.