Freddie
Mac is the common name for the Federal Home Loan
Mortgage Corporation. The 2004 maximum loan amount
for both Fannie Mae and Freddie Mac is $333,700.
Freddie Mac does not issue mortgages directly, rather,
they buy mortgages from lenders and sell them as
securities on the secondary mortgage market.
Before approving you, Freddie
Mac looks at a number of factors including credit ratings, debt
ratio, and employment history. Like Fannie Mae, loans that are
approved via Freddie Mac should qualify for a better rate.
A mortgage broker can also
help you find the best rates from various lenders for Freddie Mac
loans as well as Fannie Mae loans. They can also help you determine
if you are eligible for a VA Loan.
