Just about anyone who is getting ready to buy a home has heard of Fannie Mae, even if most people probably don’t know what the mortgage giant’s name actually stands for. Started in 1938 during the Great Depression to help stimulate the housing market, the Federal National Mortgage Association (FNMA) quickly came to be known by the more user-friendly nickname Fannie Mae.
These days, Fannie Mae is the biggest backer of “standard” 30-year fixed-rate mortgages in the country and that kind of buying power and stability means that Fann
ie Mae-backed loans in Kansas City have a lot of advantages, especially for first-time home buyers or those who don’t necessarily have a big down payment.
Recently, Fannie Mae even launched a HomePath program targeted at first-time homebuyers that can sometimes provide better options than FHA loans, including a smaller down payment (minimum of 3%), no Private Mortgage Insurance (PMI) required, and no appraisal.
But if you’re looking for Fannie Mae-backed loans in Kansas City, you won’t be able to get them directly from Fannie Mae. Fannie Mae-backed loans are only available through approved lenders like First Fidelis, your quick-closing mortgage lender in Kansas City. Once you’ve found a lender that is eligible to offer Fannie Mae-backed loans in Kansas City, you’ll find that they’re not really any more complicated than other loans, though they do have specific eligibility requirements that your lender can help walk you through.
They also have unique advantages such as the possibility of getting lower mortgage rates and flexible mortgage types, including fixed-rate or adjustable. Because Fannie Mae is one of the biggest backers around, Fannie Mae-backed loans also give homeowners improved access to mortgage markets. While most Fannie Mae-backed loans in Kansas City require a down payment of around 5% (and 20% is still considered ideal), those who are eligible for the HomePath program may find down payments as low as 3%, not to mention no PMI and no lender-ordered appraisal required.
Since 2009, Fannie Mae-backed loans have helped facilitate more than 4 million home purchases all over the United States, for families and individuals of all income types. So if you’re interested in learning more about Fannie Mae-backed loans in Kansas City, your best bet is to contact a Fannie Mae-approved lender like First Fidelis and let us walk you through your mortgage options and help you to determine your eligibility. If you pre-qualify, you’ll be well on your way to the home of your dreams.
As a quick-closing mortgage lender in Kansas City, First Fidelis can help you get the home you want with the loan that’s right for you quickly and easily. To learn more about Fannie Mae-backed loans in Kansas City or how to secure a quick close on the home of your dreams, contact First Fidelis today!