Fannie Mae Internet Resources for Western New York REALTORS ®

1. Fannie Mae Internet Resources forWestern New York REALTORS® Presented to the Buffalo Niagara Association of REALTORS® September 29, 2005

2. Fannie Mae and the Community Business Office Fannie Mae Corporate Fact Sheet– provides general information and statistics about the company. Found under “For the Media” along with “About Fannie Mae,” “Industry Primer,” and “How the Industry Works.” Western and Central NY Home Page– web site for the community business center with links to lender sheets, tools, and resources. Western and Central NY Fact Sheet– provides information about locally available mortgage products for low- to moderate-income families.

3. Knowing Fannie Mae’s Mortgage Products Helps Sell Homes

4. FACTS about Fannie Mae Mortgage Products • All Fannie Mae products are available only through participating lending partners. • This information is provided to real estate professionals as an overview of some of the products our lender partners offer. The information is subject to change. • Real estate professionals should advise their buyers to contact their lender for eligibility requirements and the most current product guidelines.

5. REALTOR Problem+Fannie Mae Mortgage Product=Housing Solution Lack of down payment or low qualifying income? Selling to a teacher, police officer, firefighter, or health care worker? Home located in an underserved, low-to-moderate income area? Trying to sell a “fixer-upper”? Selling an energy efficient rated home? Credit problems stopping a sale? Home located near a bus route? Selling to a City of Buffalo or local university employee?

6. Mortgages that Overcome Homeownership Barriers • MyCommunityMortgageTM require just $500 from the borrower's own funds and offer other special affordability features including reduced income requirements to qualify; flexibility on credit histories and income sources; lower mortgage insurance; and a higher debt allowance and loan-to-value ratio than for traditional conventional mortgages. • Community SolutionsTMis especially for borrowers who are full-time teachers, police officers, firefighters, and healthcare workers. The Community Solutions option offers a temporary interest rate buydown, higher ratios, and lower reserves. • Fannie Mae's Community Lendingmortgage products and options are designed to help borrowers overcome the two primary barriers to homeownership: lack of down payment funds and qualifying income. • Community Seconds®is a second mortgage typically provided by a federal, state, or local government agency; an employer; or a nonprofit organization and can be used to finance down payment and closing costs.

7. Mortgage Options for Underserved Areas FannieNeighbors® • FannieNeighbors is a nationwide mortgage option that removes the income limit on many Fannie Mae mortgages for low and moderate income buyers if the home the borrower is purchasing is located in a HUD-designated central city or underserved area or eligible minority or low-income census tract. • Use the Fannie Mae Property GeoCoderTM– a free, online application – to determine if a home qualifies for the FannieNeighbors option.

8. Mortgages for Home Construction & Remodeling • HomeStyle® Construction-to-Permanent MortgageThis mortgage lets borrowers finance the purchase of land, construction of the home, and the permanent financing of a new home under one mortgage in a seamless transaction. Fewer fees for your clients! • Renovation Loans – HomeStyle® and CommunityLet borrowers purchase or refinance the home and pay for home improvements or repairs all at the same time. • Energy Efficient Mortgages (EEM) Borrowers who choose energy efficient homes can afford to spend more for housing because they will likely spend less on their energy costs. The EEM allows borrowers to qualify for a larger mortgage based upon that projected energy savings.

9. Mortgages for Credit Impaired Borrowers • Expanded ApprovalTM/with Timely Payment Reward® • Expanded Approval with Timely Payment Rewards allows clients with blemished credit to get a conforming loan at a competitive interest. On time payments for 24 months results in a ½ to 1% interest rate reduction on the remainder of the mortgage term. • Low-Down Payments Mortgages with No Income Limits • Fannie’s 0-3% down payment Flexible 100TMand Flexible 97®are available for borrowers at any income limit.

10. Fannie Mae’s Local Initiatives and Programs Help Sell Homes

11. Smart Commute • Do you have a client living within ½ mile of a bus or rail route in Erie or Niagara Counties that needs just a little more income to qualify for a mortgage? • Smart Commute mortgages add a portion of the borrower’s potential transportation savings to be added to their qualifying income. The Summit Federal Credit Union is the local lender and the Niagara Frontier Transportation Authority provides two transit passes for adults living in the household to encourage mass transit use. • BNAR is adding the Smart Commute designation to current qualified listings to ensure that its membership knows about this unique program. • Use Property GeoCoderto find out if a property is within Smart Commute distance of a bus or rail route. • Approved Smart Commute Locations

12. Employer Assisted Housing Programs • Employer-Assisted Housing (EAH) is an employee benefit that helps employees purchase a home. The most common EAH benefits are grants, forgivable loans, deferred or repayable loans, matched savings, shared appreciation, and/or home buyer education. • Local EAH programs include: • University at Buffalo • Canisius College • City of Buffalo • D’Youville College

13. Fannie Mae Tools Help Sell Homes

14. Information for Real Estate Professionals Available 24/7 • Realtors can go to http://www.efanniemae.com/and click on the Real Estate Professionals link from any computer with internet access. • Information of special interest to real estate professionals, including quick links to tools and resources such as: • Training & Education • Mortgage Products • Find a Lender Search • What Desktop Underwriter Analyzes in Your Loan Application • Calculators • Checklists, Tip Sheets, and Worksheets • Counselors & Agencies: Find a Counselor Search • Fannie Mae-Owned Property Search • Homepath • Housing Finance Agencies

15. Helping Clients Prepare for Homeownership • Home Counselor Online (HCO)– Fannie Mae’s free, easy-to-use, Web-based tool that enables counselors to increase productivity while managing their counseling functions – easier, faster, and more effectively via the Internet. Home Counselor Online enables counselors to help more clients prepare for and maintain homeownership. • Local Home Ownership Counseling Centers • Checklists, Tips Sheets and Work Sheets • Calculators • Homepath - offers content, tools, and resources for home buyers and home owners. Downloadable, easy-to-read files of several Fannie Mae brochures, enhanced search tools to locate Fannie Mae's lender partners, and tips on finding the right mortgage.

16. Inventory Helps Sell HomesFannie Mae REOs(Fannie Mae-owned ‘for-sale’ properties)

17. About Selling Fannie Mae-owned Properties • A buyer can not purchase a house directly from Fannie Mae without going through real estate agents Fannie Mae depends on the expertise of local real estate agents and accepts offers only through our listing agents. All Fannie Mae-owned homes are listed in the local Multiple Listing System (MLS). In addition, you can search our list of Fannie Mae-owned properties for sale on our website. Property Search Site • A wide selection of homes, including single-family homes, condominiums, and town houses - located in a variety of neighborhoods throughout a community - are available. Many of these homes are relatively new; however, older homes can also be found. Some homes may require repairs.

18. Local Contacts for Fannie MaeProducts and InformationTo Help You Sell Homes

19. Contact Links • Lenderswho offer Fannie Mae Mortgage Products • Home ownership Counselorsusing HCO • Contacts for local “for sale” Fannie Mae properties • Local Community Business CenterContacts • Local Employer Assisted HousingPrograms