What is Fannie Mae-Homepath loan?
I went to a local bank to ask for mortgage loan for a condo in a mostly rental subdivision, but instead the mortgage banker told me that it's hard to get loan for such condo. Then, he proceeded to talk about the Fannie Mae, and there are some condos (listed in homepath.com). These are Fannie Mae owned. They make exceptions on those and would actually provide loan. So, the banker pull out an application
He also talked about loan from the bank itself which has higher rate. I wonder why he isn't trying to get me to get loan from bank instead, but Fannie Mae. So, will applying directly actually be cheaper?
His title mortgage banker/Realtor. Can someone else please explain? Im totally confused