Question:

What is a Fanny May mortgage?

Answer:

Fanny May is a wrongly spelled variation of Fannie Mae - a term used to denote the Federal National Mortgage Association (FNMA). A Fannie Mae mortgage is not a home loan borrowed directly from Fannie Mae. Rather, you will take the loan from a Fannie Mae approved lender partner who will guide you through the whole mortgage application process. They will walk you through selecting the most suitable Fannie Mae mortgage product and the assessment of your eligibility in terms of financial requirements as streamlined by Fannie Mae.

Fannie Mae's mortgage portfolio includes a whole suite of mortgage products - from the most popular fixed-rate mortgages, through the low or no down payment options, to nontraditional mortgages designed for customers with less than great credit history. FNMA offers special mortgages for people with low to medium income such as people with disabilities and also has mortgages developed extensively for properties in rural areas.

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