Fannie Mae


Definition of "Fannie Mae"

Joan  Means
Joan  Means Century 21 Bradley Realty

One of two federal agencies that purchase home loans from lenders. The other is Freddie Mac.

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Popular Real Estate Terms

Non-Conforming Mortgage

A mortgage that does not meet the purchase requirements of the two federal agencies, Fannie Mae and Freddie Mac, because it is too large or for othe ...

Second Mortgage

A loan with a second-priority claim against a property in the event that the borrower defaults. Second Mortgages Versus Home Equity Lines: A second ...

Mortgage Program

A bundle of mortgage characteristics that lenders view as comprising a distinct category. The characteristics used include whether it is an FRM, ARM, ...

Jumbo Mortgage

A mortgage larger than the maximum eligible for purchase by the two federal agencies, Fannie Mae and Freddie Mac. The maximum was $322,700 in 2003. Ho ...

Private Mortgage Insurance (PMI)

Mortgage insurance provided by private mortgage insurance companies (PMIs). As distinguished from mortgage insurance provided by the government under ...

Qualification Ratios

Requirements stipulated by the lender that the ratio of housing expense to borrower income and the ratio of housing expense plus other debt service ...

Popular Real Estate FAQ

What Does Fannie Mae Mean?

Fannie Mae is a name used by the Federal National Mortgage Association, which is a government-chartered, non- bank, financial services company and the ...

What Are Jumbo Mortgages?

Jumbo mortgages are mortgages larger than the limits set by Fannie Mae and Freddie Mac. A jumbo mortgage carries a higher interest rate than a convent ...

What Is A Broker?

An agent who is authorized to open and run his/her own agency. All real estate offices have one principal broker. ...

What Is A Lien?

A lien is a claim against a property. ...

What Is Homeowners Association (HOA)?

Homeowners association is a nonprofit association that manages the common areas of a condominium or \"planned unit development\" (PUD). Unit owners pa ...

What Do I Need To Know About Business Insurance?

Commercial insurance is designed to help protect many of the risks your business can face, including: damage or destruction to your business vehicles, ...

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