Who are Fannie Mae & Freddie Mae and why should this be important to WNY home owners?
Fannie Mae and Freddie Mac are publicly-owned agencies overseen by the Federal Government. Fannie and Freddie have very simple and direct mission statements:
To make sure that mortgage monies are available to homeowners who are looking for cost-effective home loans.
Western New York homeowners do not borrow directly from these agencies. Instead, Fannie and Freddie’s key role for a home buyer in WNY is to purchase mortgages from lending institutions; whether they are local or national – which make loans to Western New York home buyers.
So, to some extent, for the Western New York Real Estate Market, Fannie Mae and Freddie Mac are a ready, willing and able source of mortgage money flowing into the local market. Fannie Mae and Freddie Mac have strict guidelines outlining the specific types of home loans they will acquire from banks and other lenders.
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- How to Select a Mortgage Professional in Western New York
- Why you should pre-qualify for a mortgage before you start your WNY home search!
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Need assistance in purchasing your Western New York home? Call the Best Buffalo Homes Team at (716) 650-0051 today for an appointment to discuss your Real Estate needs.
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