When you begin talking to potential lenders and exploring your mortgage options, you may come across unfamiliar names. HUD. FHA. Fannie. Freddie. Learning about these groups is essential because many of them back types of mortgages that may be appealing to first-time homebuyers. Here’s what you need to know about these groups — and don’t forget you can ask your home mortgage consultant to explain more about what they do and whether you may qualify for any of their programs.
If you’re exploring homebuying options, you’re bound to come across names such as HUD, FHA, Freddie Mac, and so on. Most of these federally backed companies and organizations work with local lenders to offer affordable and accessible loans for homebuyers.