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| Home | Ask Your Question | Mortgage Glossary | ||
Fannie Mae (FNMA)A private and tax-paying corporation created by Congress that acts as a secondary market investor to buy and sell mortgage loans. FNMA sets many of the guidelines for conventional mortgage loans, as does FHLMC. Fannie Mae purchases and sells conventional residential mortgages as well as those insured by FHA or guaranteed by VA.
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Related Mortgage Definitions: Conventional Loan Conventional loan Conventional mortgage - a mortgage not insured by FHA or guaranteed by the VA. A convention loan may be conforming or non-conforming. ... more... For Sale By Owner, FSBO FSBO FSBO (pronounced Fizz-Bo) is shorthand for "For Sale By Owner". A property and/or person that is marketed by the owner without the assistance of a conventional real estate broker. FSBOs account for approximately 20 percent of all real estate transactions. ... more... Standard Uniform Loan Application, Form 1003 Standard Uniform Loan Application, Form 1003 A standard loan application widely used in the mortgage industry. Lenders use Fannie Mae Form 1003 to record relevant financial information about an applicant who applies for a conventional one- to four-family mortgage. Download ... more... Freddie Mac Freddie Mac Federal Home Loan Mortgage Corporation (FHLMC) also called "Freddie Mac" - a quasi-governmental, federally sponsored organization that acts as a secondary market investor to buy and sell mortgage loans. FHLMC sets many of the guidelines for conventional ... more... |
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