Fannie Mae

Fannie Mae is a private, shareholder owned company that works to make sure mortgage money is available for people in communities all across  America. Fannie Mae does not lend money directly to home buyers. Instead they work with lenders to make sure they don't run out of mortgage funds, so more people can achieve their goal of home ownership.

The Federal Government established Fannie Mae in 1938 to expand the flow of mortgage money by creating a secondary market. Fannie Mae was authorized to to buy FHA insured mortgages, thereby replenishing the supply of lendable money.

Fannie Mae became a private company in 1968 and operates with private capital on a self-sustaining basis. Today, Fannie Mae operates under a congressional charter that directs them to channel their efforts into increasing the availability and affordability of home ownership for low, moderate, and middle-income Americans. Although operating under a federal charter, Fannie Mae receives no government funding or backing.

Fannie Mae Loan Limits:
Effective January 1, 2007
First Mortgages