If you are in the market for a new home, then you can find home ownership help with Fannie Mae. They are a government backed institution that purchases home loans from private lenders. Fannie Mae does not actually lend money, but they back the loan that is provided by private lending organizations. A Fannie Mae Mortgage does not consist of funds provided by the institution, but a guarantee they will purchase and secure a mortgage loan generated by private lenders. It is important for you to understand that you do not apply directly for a Fannie Mae Mortgage, but you can apply with private lenders who offer secured loans from the institution.
Understanding a Mortgage Coop
A Coop is short for a mortgage Cooperative. This type of mortgage is very common in larger cities, including the greater New York area. When you obtain a mortgage co-op, you are purchasing a specific number of shares in the corporation that owns and operates the unit. By purchasing a specific number of shares, you obtain ownership rights in the unit based on the amount of shares purchased. The process may seem difficult at first, but a professional organization can help guide you through the process.
Using Centex Capital for your New Home Purchase
If you are looking for a mortgage backed by Fannie Mae, or a mortgage cooperative in the greater New York area, we at Centex Capital can help. Backed by a team of professionals, we can guide you through the application process all the way to the closing of your loan. The process is simplified because we carefully look at your individual situation and place you in a home that fits your budget and your need.