Fannie Mae – aka Federal National Mortgage Association and Freddie Mac – aka Federal Home Loan Mortgage Corporation are both public government-sponsored enterprises that deal mostly in conventional loans. One of the most popular mortgage loans – primarily represented by 15 to 30-year terms, conventional loans are backed by private lenders. Ideal for new home purchases and refinancing, conventional loans often boast low interest rates, a variety of down payment options and fast loan processing. Loans from Fannie Mae are often sourced through larger commercial banks, while Freddie Mac typically sources its loans through smaller banks.
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