Fannie Mae will offer $12 billion to Nevada

Tuesday, Oct. 29, 2002 | 8:58 a.m.

Fannie Mae, the nation's largest source of mortgage financing, announced today it will make $12 billion available for Nevadans' mortgages over the next five years.

The money should make more low-cost mortgages available to Nevada home buyers, Charlene Peterson, director of Fannie Mae's Nevada Partnership Office, said.

The announcement also sends a strong message to businesses about Fannie Mae's commitment to investing in the community, she said.

"With this new plan, Fannie Mae will work with Nevada's housing and banking industry to increase homeownership, especially for working families that still remain underserved by the current housing market," Sen. John Ensign, R-Nev., said in a statement from Fannie Mae.

An official announcement of the $12 billion investment was scheduled for this morning at Desert Gardens at 1720 W. Bonanza Road. The renovation of the town homes is being financed with about $9 million from Fannie Mae, Peterson said. The town homes are rented now and will be for sale after the renovations, she said.

Fannie Mae, a private company, does not provide money directly to property owners, but instead uses mortgage lenders and banks to service loans for residential properties. Since March 1999 Fannie Mae has provided more than $7 billion for loans to Nevadans, Peterson said.

For more information about Fannie Mae and the lenders it works with call (800) 732-6643, Monday through Friday 6 a.m. to 2 p.m.