Month: April 2018
Fannie Mae, Freddie Mac and Ginnie Mae are common names associated with federal lending and home loans. They have offerings that stem from no down payment home loans to helping dislocated residents of disaster areas, to providing assistance to the elderly. If you are any age and are considering a home loan, you’re struggling with mortgage payments and need assistance, or you’re elderly and cannot afford repairs on your home, one of these entities may be able to assist.
Who Are Fannie, Freddie and Ginnie?
The Federal National Mortgage Association (FNMA), better known as Fannie Mae, and the Federal Home Loan Mortgage Corporation (FHLMC), better known as Freddie Mac, are government sponsored entities (GSEs). Fannie Mae was originally a federal user established in 1938. In 1968, however, Congress passed legislation enabling the user to become a private enterprise. Freddie Mac was birthed in 1970 for the purpose of expanding the secondary mortgage market.
Fannie Mae and Freddie Mac are private corporations owned by shareholders. The funding for their operations is achieved through the sale of mortgage-backed securities (MBS), which are sold on the open stock market. In contrast, the Government National Mortgage Association (GNMA), better known as Ginnie Mae, is owned, operated and insured by the U.S. Government. Created in 1968, Ginnie Mae’s mission is basically the same as Fannie and Freddie. The main difference is that Ginnie’s operations do not depend on the sale of MBS for funding. Ginnie sponsored loans are fully backed by the U.S. Government.
The purpose of the three agencies is to buy mortgages on the secondary market to free up funding for banks and lenders to make more home loans. They don’t directly provide loans to borrowers. Instead, they buy mortgages from primary lending institutions that meet their lending standards.
Many lenders receive funding for mortgages from one of these agencies. The advantages of secondary lenders are that loans can be made with lower interest rates, and money is easily moved to enable anyone anywhere in the U.S. to obtain a mortgage, as long as they meet certain criteria.
What Do Fannie, Freddie and Ginnie Have to offer?
Fannie Mae, Freddie Mac and Ginnie Mae all fall under the oversight of the U.S. Housing and Urban Development (HUD) department. Generally, their charters are the same. They free up funding for primary lenders to make more home loans. In concert, they make housing more affordable to those who may not necessarily qualify for prime loans. Their overall mission is to assist single families, support and provide assistance to housing and neighborhood development, and generate capital in the open stock market. Their missions include making home ownership and rental housing more accessible and affordable.
Who Do Fannie, Freddie and Ginnie Offer It to?
You may become a recipient of products and services provided by Fannie, Freddie or Ginnie. One of the primary factors for consideration is your income and the geographic location in which you want to live or buy a home. If you are low- to moderate-income, you may be eligible for a no down payment home loan or low rent housing. You may be more qualified to obtain a home loan if you want to buy a home in a government designated area. These are typically areas with a significantly lower population than a metropolitan city; although, there may be other qualifications.
How does all this work? If you’re interested in buying a home, go to the Fannie, Freddie or Ginnie website and look for the link that takes you into a section about finding a lender. Follow the instructions to find a qualified lender. If you’re looking for an affordable rental, go to either website at FannieMae or FreddieMac and look for Support for renters or something about renting.
If you want to see all offerings available from each, go to the govloans website. If you’re a farmer, you’ll want to select Agriculture. For small business, you’ll want to make the Business selection. If your living situation was impacted by a disaster, like Hurricane Katrina, then you would select Disaster Relief. If you’re a Veteran, you’ll want to select Veteran. For all housing offerings, select Housing. Regardless of your home situation, Fannie Freddie or Ginnie may be able to help.
The Algarve meaning ‘the west’ is the sunny, warm coastal region along the south of Portugal. In the years since the 1960’s tourism has overtaken agriculture and fishing as the main industry and a lot of the Algarve’s charm has gone with the bleak apartment blocks and sprawling villa complexes. Even so, with a little knowledge there are certain areas that remain wild, untouched and oozing with culture and history.
Most tourists are shuttled off to the central Algarve leaving the most beautiful and unspoiled areas in the east and the west for independent tourists. In the back country only miles from the tourist destinations many villages and towns remain untouched with little known rural walks in the spring flowers and shady woods.
Most notable in the eastern Algarve is the historic city of Tavira with it’s multitude of churches and a central castle. This area is close to the Ria Formosa natural park offering miles of lagoons and barrier islands where flamingos and numerous aquatic birds live and bread. The beach at the ilha de Tavira can be reached in summer using a ferry from the centre of town or alternatively take the 20m minute walk out of town towards the island and hop on a boat that will take you across to the island. This stretch of sand is very popular with the Portuguese but continues for miles allowing for solitude even in the busy summer season.
In the west the city of Lagos is a popular destination and with good reason. The city has an important history as it is was from here that the Portuguese began their expeditions along the coast of Africa in the age of discovery. Lagos now has a completely pedestrianised centre within the old town that is surrounded by the castle walls. There are many shops, excellent restaurants serving fish and in the night Lagos is notorious for its bar scene. Don’t miss the market on Saturday mornings where you can purchase regional specialities and freshly harvested fruit and vegetables before heading down to the fish market for the days catch. Walk along the cliffs out to the Ponta da Piedade (Mercy Point) with it’s lighthouse or go swimming on the little known nudist beach at Praia do Carnavial.
The mountains of Monchique are easily reached by car from anywhere in the western Algarve. The Caldes de Monchique are therapeutic thermal baths and the area is ideal for a stroll in the wooded hills or down by the bubbleing stream. Drive out to the village of Marmallate or climb to the top of the mountain where you can take in views of the whole of the Algarve coastline and enjoy the refreshing cool mountain air. Many local shops offer locally produced hams and varieties of ‘Medronho’ (a brandy made from the Arbutus fruit that symbolises frienship) as well as hand made craft items. Restaurants either side of the main road offer up freshly grilled chicken, Piri Piri style.
After Lagos the Algarve coastline continues west towards Sages and the region once called “the end of the world” as little was known of what lay beyond the waves. Resort towns such as Praia da Luz with it’s arced bay and black rock headland give way to the natural park of Costa Vincentina where many more secret beaches can be discovered especially along dirt tracks west of Vila do Bispo. Atlantic rollers meet a wild landscape of immense natural beauty. Popular with surfers the beaches at low tide have waves that collapse on themselves again and again and sitting on the beach on a sunny afternoon undisturbed by the modern world listening to the roar in the background while looking out into the abyss one can see how sailors were captivated to venture forth to discover what lay beyond.