Fannie Mae Rolls Out 40-YearMortgage
WASHINGTON - (04/18/06) Fannie Mae on Monday announcedthe commercial introduction of its 40-year mortgage program forcredit unions. The program has been test-marketed by two dozencredit unions the past two years to determine whether there is aviable demand for the 40-year loan. Fannie Mae announced it isoffering the 40-year mortgage to all credit unions through anexpansion of its marketing agreement with NAFCU. Under the expandeddeal, Fannie Mae said it will offer the 120 participating creditunions better pricing for fixed-rate loans, including 40-yearmortgages for credit unions that deliver a set percentage of theirloans to Fannie. Under Fannies three-year deal with NAFCUcredit unions het access to Fannies Desktop Underwriter anda variety of loan products, like zero downpayment loans.