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What is the difference between sonnie mae and fannie mae home loans?

HAPPY_DAYZZZ - 2008-07-28 14:39:49 - Renting Real Estate

What are the requirements for the two home loans?

Best Answer:

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: http://www.nyhomes.org/home/index.asp?page=143

Answers:

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)

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

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: http://www.nyhomes.org/home/index.asp?page=143

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: http://www.americu.com/sellerguide/pdf/fha1.pdf

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