Buying a new home is always exciting. However, finding a suitable financing method isn’t always easy. Luckily, if you plan on getting a home in Minnesota, you’ll be happy to know that there is another available option for you – Minnesota Fannie Mae loans.
Fannie Mae is short for the “Federal National Mortgage Association” or FNMA. This enterprise is an extension of the American government that’s been active for more than 80 years. The goal of this organization is to give mortgage markets more liquidity and help encourage homeownership.
But Fannie Mae doesn’t originate these loans because it acts as a secondary market player. The organization gives funds to lenders by guaranteeing or buying mortgages issued by financial institutions such as banks, and credit unions.
This makes the mortgage more available to people who have low and medium incomes. Go Mortgage is an approved lender for Fannie Mae loans in Minnesota. This means that we have all the right systems to provide these loans legally to borrowers.
As lenders, we meet all the underwriting and eligibility criteria for these loans. This way, we make sure that the credit quality is valid for the whole financing period.
When you contact us and apply for a Fannie Mae Loan in Minnesota, we will give you the Uniform Residential Application for you to fill out. After filling out some essential financial information, you will see all debts and payments you need to make every month.
The better your credit score is, the lower your interest will be. We can even give you an adjustable-rate mortgage if your credit score is high enough. If you qualify for this loan, you will have a small down payment or no down payment at all.
Contact GO Mortgage in Minnesota today to speak to a qualified mortgage loan advisor.