Fannie Mae (Federal National Mortgage Association) is a securitization agency established by the United States government. Its main purpose is to provide affordable financing. They serve people who want to buy a home in America.
Fannie Mae buys mortgages from banks, credit unions, and lenders so they can continue to lend. If Fannie Mae doesn't buy the mortgage, the bank will continue to be in debt and won't have the money to provide more mortgages.
The main comparison of loans is that FHA loans have lower credit requirements, lower eligibility requirements and a 3.5% down payment, which can be lower than Fannie Mae loans. Fannie Mae loans have higher credit requirements of 620-640, higher than FHA loans.
The new compliance limit of $715,000 applies only to loans filed after September 13, 2022. Not eligible for pipeline loans.
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