If you’re in the market for a mortgage in Kansas City, then chances are you’ve already heard the name Fannie Mae, but it’s less likely that you know much about the seemingly ubiquitous mortgage giant. Fannie Mae is actually a sort of nickname for the Federal National Mortgage Association (FNMA), but Fannie Mae sure rolls off the tongue a lot easier, doesn’t it?
Founded in 1938 during the Great Depression, the original intention of Fannie Mae was to help invigorate the housing market by making mortgages available to middle- and low-income borrowers. Today, Fannie Mae is the biggest backer of 30-year fixed-rate mortgages in the country, and continues to help all sorts of people all over America afford the houses of their dreams.
What You Need to Know About Fannie Mae-Backed Loans
However, if you’re looking for Fannie Mae-backed loans in Kansas City, you won’t be able to get one directly from the Federal National Mortgage Association. Fannie Mae-backed loans are only available through approved lenders, and even then, in order for a mortgage to be backed by Fannie Mae it must meet certain guidelines. Loans that conform to Fannie Mae’s guidelines are sometimes known as “conforming loans.”
Individual eligibility for Fannie Mae-backed loans in Kansas City depends on a number of factors, including one’s front-end debt-to-income ratio, record of employment, gross income, and monthly debt (which may include credit card balances, vehicle payments, student loans, and alimony or child support), to name a few. Fannie Mae-backed loans also typically require a minimum down payment of around 5% of the price of the house, with a 20% down payment considered ideal.
First Fidelis for Fannie Mae-Backed Loans
If you’re interested in applying for Fannie Mae-backed loans in Kansas City, the best thing to do is to approach an authorized lender and let them help you to determine your eligibility. Besides being a quick-closing lender in Kansas City, First Fidelis is also approved to issue Fannie Mae-backed loans!
Though it all may sound tricky or complicated, applying for Fannie Mae-backed loans are really not much different than any other mortgage. At least, not if you have the right lender on your side. First Fidelis can help you to determine if you pre-qualify for a Fannie Mae-backed loan, and walk you through the pros and cons of the different loan types available to you. Then, once you’re pre-qualified for a loan, you can give your real estate agent the go-ahead to make an offer on the home of your dreams!
So if you want to learn more about Fannie Mae-backed loans in Kansas City, or just want to talk to a quick-closing lender about your options, contact First Fidelis today!