Fannie Mae Launches 'Your Own Story,' Provides Important Facts and Information for Future Homeowners
06/03/2021 - 01:31 PM
WASHINGTON , June 3, 2021 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) is helping to demystify the homebuying process for future homeowners with "Your Own Story ," a campaign designed to increase consumer knowledge with facts and figures that dispel myths about what it takes to achieve sustainable homeownership. In honor of National Homeownership Month, these resources provide consumers the necessary tools to take the first steps in the homebuying process.
"Homebuyer education is at the heart of Fannie Mae's mission and that's why we created Your Own Story, an interactive resource for future homebuyers to help them achieve sustainable homeownership," said Katrina Jones , Vice President of Racial Equity Strategy & Impact, Fannie Mae. "We know that misinformation can negatively impact potential homebuyers – especially those with moderate or low income – as many set the bar higher than needed for credit scores and down payments."
According to a June 2019 report *, a majority of consumers overestimate the minimum credit score or required down payment necessary to qualify for a mortgage, which creates a perceived barrier to entry for homeownership. "Your Own Story" addresses those misperceptions with facts, educating future homebuyers that when certain eligibility requirements are met, 3% down payment loans are available, and, even with a credit score of 620, consumers may be able to qualify for a mortgage.
"Your Own Story" breaks down the path to homeownership in seven interactive steps, including the basic requirements necessary to qualify for a mortgage, factors to consider when choosing a home, and the responsibilities of homeownership. Potential homebuyers will also find strategies for saving money for a down payment; ways to improve low credit scores ; an affordability calculator to estimate a maximum home purchase price based on current expenses and income; the different types of loans ; and much more.
"Fannie Mae is continually focused on sustainable homeownership," Jones added. "National Homeownership Month is an excellent opportunity to give people the facts and show them how they can get on the pathway to owning a home."
To explore the "Your Own Story" resources, visit knowyouroptions.com/homeownership .
* Research Methodology An online survey of a total of 3,647 American adults, age 18-plus, nationwide, using Ipsos Public Affairs' KnowledgePanel® who are either the sole financial decision-maker or who share in the financial decision-making in their household.
About Fannie Mae Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of people in America. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit:fanniemae.com | Twitter | Facebook | LinkedIn | Instagram | YouTube | Blog
Fannie Mae Newsroom https://www.fanniemae.com/news
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Fannie Mae Resource Center 1-800-2FANNIE (800-232-6643)
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fannie mae serves the people who house america. we are a leading source of financing for mortgage lenders, providing access to affordable mortgage financing in all markets at all times. our financing makes sustainable homeownership and workforce rental housing a reality for millions of americans. we also help make possible the popular 30-year, fixed-rate mortgage, which provides homeowners with stable, predictable mortgage payments over the life of the loan. our tools and resources help homebuyers, homeowners, and renters understand their housing options. we put our customers and partners at the center of everything we do. we apply our experience and expertise to deliver innovative solutions to help our customers succeed. at fannie mae, our people pour their hearts into everything they do. because we know it makes a real difference in others’ lives. we are committed to moving forward with our partners to build a stronger, safer, more efficient housing finance system. join us at the hea