Conventional Loans

The Federal National Mortgage Association (FNMA or Fannie Mae)was established in 1938 as a publicly traded government sponsored enterprise(GSE). The purpose of the GSE’s is to purchase loans from lenders and pool the loans into mortgage backed securities (MBS). This allows the lenders to sell their loans and free up capital to make more mortgage loans. Lenders underwrite their conventional loans to Fannie Mae’s guidelines, and will either sell them to an investor that will service the loan for Fannie or service the loan themselves. Conventional loans have down payment requirements as little as 5%. They have programs for all property types including Manufactured Homes and Modular Homes. Conventional loans are sometimes the most attractive option for individuals who have larger down payments because unlike FHA, conventional loans do not require monthly mortgage insurance if you put more than 20% down.
For more information on Fannie Mae loans go to
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