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Fannie Mae Rural Housing Loans
Fannie Mae
www.fanniemae.com

Program Overview

Fannie Mae Rural Housing Loans is a is a program that serves low and moderate income borrowers. Up to 100% of financing is provided to qualified buyers. Rural borrowers who on average pay higher interest rates for shorter term loans, now have greater access to 30 year fixed rate loans at market interest rates through this program. FNMA purchases these loans through a special servicing option. Lenders must be FNMA approved and willing to participate in this program. Rural areas only are eligible for this product.

Who is eligible for this program?

The borrower must qualify for a loan through a FNMA approved participating mortgage lender. Is this program for first time buyers only? No

Property Eligibility Requirements

Rural areas only are eligible for this product. Allowable property types: Single family, non-farm, owner-occupied.

Benefit Details

FNMA partners with the Rural Housing Service of the U.S. Department of Agriculture to purchase loans issued unders its Section 502 Rural Housing Guaranteed and direct Leveraging loan programs. There is no minimum mortgage amount. There is a minimum servicing fee of 1/4 percent. Below-market rates through the leveraging product's blended companents. Benefit: Serves low to moderate income borrowers. An additional source of funds is obtained through FNMA's participation. Owner Occupancy Required: Yes Other Program Comments: Borrowers must go through a participating FNMA approved mortgage lender.

Please note: Every attempt is made to reflect accurate and up to date information on housing programs displayed on this site. Some inaccuracies may exist. For verification contact a certified REALTOR member or a participating Lender.