What is a Fannie Mae Fixed Rate Mortgage Loan?
A Fannie Mae Fixed Rate Mortgage Loan is a home loan with a fixed interest rate that remains the same throughout the life of the loan. It is backed by Fannie Mae and offers predictable monthly payments, making it a popular choice for homebuyers seeking...
Continue ReadingWho is eligible for a Fannie Mae Fixed Rate Mortgage Loan?
Eligibility for a Fannie Mae Fixed Rate Mortgage Loan typically requires a good credit score, a stable income, and a manageable level of debt. Specific eligibility requirements can vary, so it's best to contact People Driven Credit Union for detailed...
Continue ReadingWhat are the down payment requirements for a Fannie Mae Fixed Rate Mortgage Loan?
Down payment requirements for a Fannie Mae Fixed Rate Mortgage Loan can vary, but typically range from 3% to 20% of the home’s purchase price. Lower down payments may require private mortgage insurance...
Continue ReadingWhat are the credit score requirements for a Fannie Mae Fixed Rate Mortgage Loan?
The minimum credit score for a Fannie Mae Fixed Rate Mortgage Loan is usually around 620. However, higher credit scores can help you qualify for better interest rates and terms. Schedule an Appointment Schedule an appointment at one of our...
Continue ReadingWhat types of properties are eligible for Fannie Mae Fixed Rate Mortgages?
Eligible properties include single-family homes, condominiums, and multi-unit properties (up to four units). The property must be used as your primary...
Continue ReadingHow long are the loan terms for Fannie Mae Fixed Rate Mortgages?
Common loan terms for Fannie Mae Fixed Rate Mortgages are 15, 20, and 30 years. The term you choose will affect your monthly payments and the total interest paid over the life of the...
Continue ReadingWhat are the benefits of a Fannie Mae Fixed Rate Mortgage Loan?
Predictable Monthly Payments: Your interest rate and monthly payments remain the same throughout the life of the loan. Stability: Fixed rates provide financial stability and simplify long-term budgeting. Flexibility: Available for various...
Continue ReadingCan I refinance my existing mortgage with a Fannie Mae Fixed Rate Mortgage?
Yes, refinancing with a Fannie Mae Fixed Rate Mortgage can help you secure a lower interest rate, reduce your monthly payments, or change your loan term to better suit your financial...
Continue ReadingHow do I apply for a Fannie Mae Fixed Rate Mortgage Loan?
Apply online or contact our mortgage specialist, Jim Rogers, who will guide you through the application process, help you understand your options, and determine your eligibility. James (Jim) Rogers is authorized to act as an agent on behalf of People...
Continue ReadingMortgage Documents Needed:
Copy of your driver’s license Last 2 years W2’s Most recent 30 days span of paystubs Last 2 years Federal Tax Returns Most recent two months bank statements, all pages Contact information for homeowner’s insurance...
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