Fannie Mae tops loan goals for lower incomes

Real Estate Watch

February 14, 1999

Fannie Mae, one of the nation's largest sources for home mortgages, reported that 44 percent of the homes it financed in 1998 were to low- and moderate-income households, exceeding the company's lending goals.

The organization also said that approximately one of every three home loans it made went to first-time buyers.

A record 451,000 minority households were approved for loans last year, up 27 percent from its previous high in 1997.

Also, 26 percent of those assisted by Fannie Mae were were in under-served areas, while 15 percent accounted for special affordable housing. Overall, the company delivered $3.55 billion in multifamily special affordable financing.

Statistics for the Baltimore metropolitan area were not available.

"The fact Fannie Mae was able to exceed our percent-of-business goals for low- and moderate-income families, residents of central cities and those with special housing needs is testament to the commitment of the entire company," Fannie Mae Chairman Franklin D. Raines said.

Pub Date: 2/14/99

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