Fannie Mae is a privately owned corporation created by Congress in 1938 to support the secondary mortgage market by purchasing and selling government underwritten residential mortgages.  Today, Fannie Mae purchases more conventional mortgages than FHA or VA and their stock is publicly traded. Conventional mortgages are private loans that are neither insured nor guaranteed by the government.

Fannie Mae will purchase mortgages that are secured by residential properties in urban, suburban or rural areas. These include 1 to 4 family units and may be owner occupied or investment properties.  They will not purchase mortgages on agricultural type properties (such as farms, orchards, or ranches), on undeveloped land, or on land development-type properties.

The purchase of these loans by Fannie Mae are closely tied to specified underwriting guidelines that all lending institutions and banks must follow in order to make them saleable.  We will not go into the guidelines as that would create and novel instead of a short story, just rest assured that your loan officer and lending institution are well aware of the guidelines and the items they ask you to provide at loan application are in direct reference to what Fannie Mae requires.

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