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Are you familiar with these names? They may sound like a family from the 1950s - or your grandparents - but they are the nicknames for three lending programs that make many mortgages possible.

Fannie Mae is short for the Federal National Mortgage Association (FNMA), which was created by Congress in 1938 to provide funding for low and moderate income borrowers. Fannie Mae usually purchases bundles of mortgages from large banks.

Freddie Mac, which is the nickname for the Federal Home Loan Mortgage Corporation (FHLMC), purchases home loan mortgages from smaller banks and lenders. It was established in 1970 to expand the secondary home mortgage market.

Ginnie Mae stands for the Government National Mortgage Association (GNMA), a Department of Housing and Urban Development (HUD) program established in 1968 to handle government insured mortgages like FHA, VA and USDA loans, often providing lower interest rates to borrowers.

Most home loans are made because of the backing from these three organizations. They don’t work directly with borrowers, but act behind the scenes to make more mortgages available.

For more information about your mortgage options, call Steve Oesterle today - 520-612-0479 - your local Green Valley Mortgage Lender.

Nations Lending Corporation; NMLS #32416; For licensing information, go to www.nmlsconsumeraccess.org. The interest on the portion of the credit extension that is greater than the fair market value of the dwelling is not tax deductible for Federal income tax purposes and the consumer should consult a tax advisor for further information regarding the deductibility of interest and charges.