• Learn about Fannymae mortgage programs.home sweet home image by David Dorner from Fotolia.com
  
  Owning a home is a goal shared by almost every American, but the process of getting a mortgage has always been long and involved--and often confusing. Fannie Mae is a government-sponsored corporation that operates in the secondary mortgage market and has many programs to help renters purchase homes, help distressed homeowners stay in their homes, and help first-time homebuyers realize their dream of home ownership.
  
  

Fannie Mae Maximum Loans

• In order to remain affordable and to help average citizens purchase homes, as well as to shield them from some of the volatility in the higher-priced end of the mortgage market, Fannie Mae sets maximum mortgage amounts that they will handle. As of 2010, these amounts have remained the same since 2006. They set a maximum of $417,000 for a single-family, single unit home. A 4-unit home or condo complex with four separate units can be mortgaged for a maximum of $801,950. Fannie Mae's residential real estate program does not mortgage homes or housing complexes larger than four units.
  
  

Foreclosure Prevention

• Fannie Mae also offers foreclosure prevention events, where representatives visit towns and cities in various geographic areas and give current and prospective homeowners tips and advice on how to avoid foreclosure if they are experiencing hardship. Fannie Mae's mortgage modification program can also extend mortgage terms to as long as 40 years as well as lowering interest rates and suspending payments for up to five years in order to help struggling families get back on their feet financially and stay in their homes.
  
  

Foreclosed Homes and Renters

• Fannie Mae, despite being a mortgage company, can even provide assistance for renters. If a home owned or mortgaged through Fannie Mae enters foreclosure, renters can enter into a month-to-month lease directly with Fannie Mae to avoid being kicked out of their home through no fault of their own. There are certain criteria that must be met for this to happen, but it is certainly an option that could help a renter who is living in a home that has entered foreclosure