For a Texas mortgage a large percentage of buyers get a loan that is made possible by Fannie Mae or Freddie Mac. They work in the secondary market to provide a good supply of mortgage funds. Home buyers may get a Fannie or Freddie loan without even knowing they have this type of loan.
When should a customer choose a Fannie Mae or Freddie Mac loan and which is better?
These loans will often have the very low rates for customers that qualify for them. If you have good credit but a small down payment, or no down payment, this may be the best program for you. Fannie/Freddie may also be a good option if you have less than perfect credit. There are also good programs for construction loans, manufactured homes, and occupations including teachers, firefighters, healthcare workers, military personnel, and healthcare workers.
In many cases Fannie Mae and Freddie Mac will have the exact same finance rate for a given situation. The rate sheets supplied for brokers will often list the rates on a combined page. There will be differences in some cases. For example one sheet today shows Freddie significantly better on an 80% loan to value refinance loan. Both companies use a computerized system to make approval decisions. There are differences and sometimes one will give an approval where the other declines.
My suggestion is to consult with a mortgage broker that has a large variety of loan options available. This can include Fannie Mae, Freddie Mac, FHA, VA, other conventional lenders, and sub-prime lenders. A good broker will research options to help you get the best possible mortgage for your situation. Texas residents can get more information at our Houston mortgage website. Or you can call us at 281-537-7800.
Visit our Houston Fannie Mae Website at - http://www.Texas-Capital-Mortgage.com/Texas_20_Fannie_20_Mae.html -
Or our Houston Freddie Mac site at http://www.Texas-Capital-Mortgage.com/Houston_20_Freddie_20_Mac_20_Mortgage.html