FHA is a government agency that was created in 1934 to help facilitate growth in loan opportunities, by allowing an alternative to purchase a home with as little as 3.5% down payment and less than perfect credit.
In 1944 the US government created a military loan guarantee program to help qualified service member’s purchase a home.
Fannie Mae was created in 1938 by the Federal National Mortgage Association (FNMA) to buy mortgages from lenders, freeing up capital that could go to other borrowers during the Great Depression. Its primary mission was to purchase FHA-backed loans from banks, freeing up cash, so lenders were able to offer home loans to even more Americans. Fannie Mae remained a government-owned entity for the first three decades of its existence, with a near monopoly over the secondary mortgage market. It was privatized in 1968, and Freddie Mac was created in 1970 as a competitor to dilute its monopolization of the market.
Freddie Mac, also known as the Federal Home Loan Mortgage Corporation (FHLMC), was created in 1970 as part of the Emergency Home Finance Act to expand the secondary mortgage market in the US. Prior to its creation, the Federal National Mortgage Association (Fannie Mae) was the only institution that bought real estate mortgages and home loans from issuers. Freddie Mac is a publicly traded, government-sponsored enterprise that buys mortgages, pools them, and sells them as a mortgage-backed security (MBS) to private investors on the open market. It was originally created as a public enterprise and even had stock listed on the New York Stock Exchange. In 1989, under the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA), Freddie Mac underwent a reorganization.
Loans Above $726,200
In the United States, a jumbo mortgage is a mortgage loan that may have high credit quality but is in an amount above conventional conforming loan limits. This standard is set by the two government-sponsored enterprises, Fannie Mae and Freddie Mac, and sets the limit on the maximum value of any individual mortgage they will purchase from a lender.
When FNMA and FHLMC limits don't cover the full loan amount, the loan is referred to as a "jumbo mortgage". Traditionally, the interest rates on jumbo mortgages are higher than for conforming mortgages, however with GSE fees increasing, Jumbo loans have recently seen lower interest rates than conforming loans
Improvements and Renovations
The Fannie Mae Homestyle Renovation Mortgage is a type of renovation loan or rehab loan. Essentially, the HomeStyle loan – and other products like it – enables home buyers to borrow both the purchase price of the potential home and any renovation costs and wrap it up into one mortgage loan amount.
Loans For Seniors
A Reverse Mortgage works like an annuity and can help you tap into the equity and enjoy a better quality of life through retirement.
Our Own Personalized Products
5/1 and 6/1 asjustable rate mortgages, usually at lower interest rates than Fannie Mae and Freddie Mac. Commercial loans for multi family buildings, warehouses, investment properties, etc.
Fixed Rate 2nd Mortgage
Stand-Alone Second Liens and Piggybacks with fixed rate terms: 5, 10 ,15, 20, 25 & 30 years.
Home Equity Lines Of Credit
A home equity line of credit, or HELOC, is a type of loan that allows you to draw funds as you need them and repay the money at a variable interest rate. Because of this, HELOCs are generally best for people who need funds for ongoing home improvement projects or who need more time to pay down existing debt. HELOCs typically have lower interest rates than home equity loans and personal loans.