What is the difference between sonnie mae and fannie mae home loans?
September 14th, 2009 | by James |
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5 Responses to “What is the difference between sonnie mae and fannie mae home loans?”
By Ed Atun on Sep 14, 2009 | Reply
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There are no differences that would affect you. These companies buy mortgages. They buy thousands of mortgages. You would never be dealing with them. You will choose the best loan for your house and your “profile” as a buyer. You won’t care who buys the loan.
One company buys FHA loans (Freddie Mac) and the other buys conventional loans (Fannie Mae)
By golferwhoworks on Sep 16, 2009 | Reply
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there is no Sonnie Mae— but there is little difference between either Fannie Mae and Freddie Mac. It is just how the approval was done either LP or DU for us as to who buys the mortgage on the open market — neither services loans they are just the $$$$ behind the loans
I am a mortgage banker in TN & KY
By rtfm on Sep 17, 2009 | Reply
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Well, the obvious answer is that SONYMA loans are only available for property located in the state of New York.
Here’s more info on the SONYMA loan application process:
By FRANK Mortgage Broker on Sep 18, 2009 | Reply
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Freddie Mac and Fannie Mae buy loans. Both do FHA loans. (I have done both Freddie Mac and Fannie Mae FHA loans.) The requirements for qualifying for the loans are set by FHA.
The requirements are in a 110 page FHA publication:
By Kenzie on Sep 20, 2009 | Reply
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A home loan, or mortgage, is most simply described as a loan taken out so that you can purchase a home. Here we’ll explain the very basics of home loans so that you can at least have a basic knowledge of mortgages and how they work.To obtain a home loan you will need to be at least 18 years old and have the incomepayment will be based on the principal and interest rate. You may also find that some lenders require that your mortgage payment also include property taxes, insurance, etc. The interest rate for fixed rate mortgage loans tends to be higher than that of variable rate mortgage loans.