What are federally chartered mortgages?

I am considering applying through fedfunding.com for a federally chartered mortgage. They have less stringent guidelines and more flexibility in the approval process. What I don't know is what does federally chartered mean and how do their interest rates compare?

Answer:
This company is based on the gimmick that they offer something unique and/or have some exclusive relationship to goverment loan programs or special programs offered by FNMA and FHLMC, both of which are no longer government owned, but private companies. The website plays on consumer confusion to its advantage, and I think it is very misleading. The seal at the bottom is the kicker!

Most any lender can offer FHA and VA programs. Check out FHA.com, or go to a reputable lender such as

http://www.countrywide.com
http://www.indymachomeloans.com. or
http://www.ahmadvantage.com/home.
I believe these are FHA Loans Or VA Loans that are backed by the government. Hope this helps!

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