Fannie Mae Launches 'Your Own Story,' Provides Important Facts and Information for Future Homeowners

Rhea-AI Summary

Fannie Mae (OTCQB: FNMA) has launched the "Your Own Story" campaign to educate future homebuyers during National Homeownership Month. This initiative aims to dispel myths about homeownership, highlighting that mortgage eligibility can be achieved with a credit score of 620 and down payments as low as 3%. The initiative includes seven interactive steps designed to guide consumers through homeownership requirements, budgeting strategies, and ways to improve credit scores. By providing crucial information, Fannie Mae seeks to facilitate sustainable homeownership and reduce barriers faced by moderate and low-income buyers.

Positive

• Launch of "Your Own Story" campaign aimed at educating potential homebuyers.
• Addresses common misconceptions about credit scores and down payments.
• Provides interactive resources to assist in budgeting and understanding mortgage options.

Negative

• None.

WASHINGTON, June 3, 2021 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) is helping to demystify the homebuying process for future homeowners with "Your Own Story," a campaign designed to increase consumer knowledge with facts and figures that dispel myths about what it takes to achieve sustainable homeownership. In honor of National Homeownership Month, these resources provide consumers the necessary tools to take the first steps in the homebuying process.

"Homebuyer education is at the heart of Fannie Mae's mission and that's why we created Your Own Story, an interactive resource for future homebuyers to help them achieve sustainable homeownership," said Katrina Jones, Vice President of Racial Equity Strategy & Impact, Fannie Mae. "We know that misinformation can negatively impact potential homebuyers – especially those with moderate or low income – as many set the bar higher than needed for credit scores and down payments."

According to a June 2019 report*, a majority of consumers overestimate the minimum credit score or required down payment necessary to qualify for a mortgage, which creates a perceived barrier to entry for homeownership. "Your Own Story" addresses those misperceptions with facts, educating future homebuyers that when certain eligibility requirements are met, 3% down payment loans are available, and, even with a credit score of 620, consumers may be able to qualify for a mortgage. 

"Your Own Story" breaks down the path to homeownership in seven interactive steps, including the basic requirements necessary to qualify for a mortgage, factors to consider when choosing a home, and the responsibilities of homeownership. Potential homebuyers will also find strategies for saving money for a down payment; ways to improve low credit scores; an affordability calculator to estimate a maximum home purchase price based on current expenses and income; the different types of loans; and much more.

"Fannie Mae is continually focused on sustainable homeownership," Jones added. "National Homeownership Month is an excellent opportunity to give people the facts and show them how they can get on the pathway to owning a home." 

To explore the "Your Own Story" resources, visit knowyouroptions.com/homeownership. 

*Research Methodology
An online survey of a total of 3,647 American adults, age 18-plus, nationwide, using Ipsos Public Affairs' KnowledgePanel® who are either the sole financial decision-maker or who share in the financial decision-making in their household.

About Fannie Mae
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of people in America. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit:
fanniemae.com | Twitter | Facebook | LinkedIn | Instagram | YouTube | Blog

Fannie Mae Newsroom
https://www.fanniemae.com/news

Photo of Fannie Mae
https://www.fanniemae.com/resources/img/about-fm/fm-building.tif

Fannie Mae Resource Center
1-800-2FANNIE (800-232-6643)

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SOURCE Fannie Mae

FAQ

What is the "Your Own Story" campaign by Fannie Mae?

The "Your Own Story" campaign is an initiative by Fannie Mae aimed at educating future homebuyers about the homebuying process, particularly dispelling myths regarding credit scores and down payments.

What are the minimum requirements to qualify for a mortgage according to Fannie Mae?

Fannie Mae indicates that consumers may qualify for a mortgage with a credit score as low as 620 and down payments starting from 3%.

Why is the "Your Own Story" campaign important for potential homebuyers?

The campaign is important as it provides necessary resources and information to help moderate and low-income individuals overcome misperceptions about homeownership, potentially increasing access to mortgages.

When was the "Your Own Story" campaign launched?

The "Your Own Story" campaign was launched on June 3, 2021, in conjunction with National Homeownership Month.

How can individuals access the resources from the "Your Own Story" campaign?

Individuals can access the resources by visiting the website knowyouroptions.com/homeownership.