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Introduction.

Hitting the headlines this week is news that the Government is set to back mortgage bonds through Ginnie Mae - the Government National Mortgage Association agency. Although it plays a similar role to Freddie Mac and Fannie Mae, who nearly went under during the crash back in 2008 and are now government owned, Ginnie Mae isn’t publicly traded; hence the government guarantees mortgages being processed by Ginnie Mae.

Will Ginnie Mae give me a mortgage?

In the simplest of terms Ginnie Mae is able to offer mortgage backed securities where the loan is either guaranteed or insured by the Federal Housing Administration or the Veterans Administration. So, under there conditions for raising a mortgage, you’ll still need to be able to raise at least 3.5% of the loan amount, in order to be able to apply for a mortgage loan. Which is fine if you can raise that sort of money as a deposit for a mortgage, but with the economy the way it is saving simply isn’t that easy anymore.

Commercial mortgage lenders.

Don't despair if you need a new mortgage loan or mortgage refinance - help is only an internet click away.

 Although it is fair to say that the commercial mortgage loan market is still suffering under the current conditions, mortgage defaults in June 2009 totaled some $2.2 billion; you can still find some great mortgage offers out there - especially through online mortgage brokers. Although being able to place a deposit, no matter how small, on a property before taking out a mortgage is preferable - 100% mortgage offers are still available. Also, commercial mortgages still outstrip government backed ones by far and even in applications for new mortgages - commercial mortgage lenders remain more popular than ‘government’ ones. If you need to re-finance your home, or are looking for a home equity mortgage, then using a commercial mortgage lender will pretty well be your only avenue to explore.

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