How to Get a Fannie Mae Mortgage

Video Transcript

"Fannie Mae lends money to lending institutions, rather than directly to buyers, but it can be an option for some of us. I'm Richard Blake in Tampa, Florida and I'm here to explain how you can get a Fannie Mae mortgage. First thing that you're going to want to do is contact your local Real Estate Agent, ask them for a Mortgage Broker that they work with, that is able to do Fannie Mae loans. From here you're going to set up a meeting with that Mortgage Broker and they're going to ask you for some documents, and personal information, such as your social security number, and your income, as well as your monthly debts. Your income statements such as your W-2's or 1099's, any item, any paperwork that you have showing your annual income will be helpful, as well as your monthly debts, your credit cards, your car payments, your alimony, child support, any items that you're consistently making on a monthly basis. At that point in time the Mortgage Broker is going to calculate your income to debt ratio. In order for you to be approved with the Fannie Mae program, generally speaking you're going to need no greater than a twenty eight percent debt to income ratio, meaning your debt cannot exceed twenty eight percent of what your monthly income is going to be. At that point in time, you can move forward with this loan. Again, I just want to emphasize contacting your local Mortgage Broker, they will be able to assist you with this further. Make sure that they are approved to do Fannie Mae loans, that'll save you some time, o.k. I'm Richard Blake, in Tampa, Florida, you guys have a great evening."