Contact the Fannie Mae Resource Center , or call 800-2FANNIE (800-232-6643) , Option 4, if Fannie Mae owns your mortgage or for more information about a Fannie Mae lender.
What is the phone number for Fannie Mae?
Contact the Fannie Mae Resource Center , or call 800-2FANNIE (800-232-6643) , Option 4, if Fannie Mae owns your mortgage or for more information about a Fannie Mae lender.
Can you contact Fannie Mae?
Fannie Mae can be reached at 800-232-6643 or Fannie Mae's website.
Can I buy a house directly from Fannie Mae?
Can I buy a house directly from Fannie Mae without going through a real estate sales professional? No, Fannie Mae depends on the expertise of local real estate sales professionals and accepts offers only through our real estate listing agents . ... Fannie Mae is not obligated to accept any offer submitted.
Can you borrow directly from Fannie Mae?
Because Fannie Mae doesn't originate loans, you can't get your mortgage directly from Fannie .
What is the difference between Fannie Mae and Freddie Mac?
The primary difference between Freddie Mac and Fannie Mae is where they source their mortgages from . Fannie Mae buys mortgages from larger, commercial banks, while Freddie Mac buys them from much smaller banks. ... Fannie Mae and Freddie Mac also have differences in lending requirements and programs.
How do I know if my loan is Fannie Mae?
You may contact your servicer (often your bank or lender) to verify that your mortgage loan is owned or guaranteed by Fannie Mae or Freddie Mac, or you may verify it yourself by accessing the Making Home Affordable website.
Will Fannie Mae pay closing costs?
Closing cost assistance is paid by Fannie Mae , and delivered to your closing. In order to be eligible, buyers must only complete an online course on homeownership, pay a $75 fee (which is refunded in-full at closing), and print their education completion certificate for “the file”.
How much should you offer on a Fannie Mae foreclosure?
While Fannie Mae generally sells homes at between 92 and 100 percent of the asking price, you must negotiate to take off 8 percent from the price .
Can you negotiate a Fannie Mae home?
You can find a great deal on a home with Fannie Mae's help. Through HomePath.com, Fannie Mae sells homes they own that have gone into foreclosure. You can negotiate a Fannie Mae home by making an offer , but as with any home purchase contract, you may lose out to someone who is willing to pay more.
How much of a down payment do I need for a Fannie Mae loan?
Fannie Mae's HomeReady® and standard loan programs require only a 3% down payment for a single-family home. You can use your own funds or get a gift donation from a family member. To buy a second home or an investment property, you need a down payment of 10% and 20%, respectively.
What is the difference between a Fannie Mae loan and a conventional loan?
Conventional loans aren't insured or guaranteed by a government agency , they're insured by private lenders. ... Fannie Mae and Freddie Mac are government-created enterprises that buy mortgages from lenders and hold the mortgages or turn them into mortgage-backed securities.
What's the difference between FHA and Fannie Mae loan?
The difference between a FHA and Fannie Mae loans are that the FHA insured loan is a loan by The US Federal Housing Administration mortgage insurance backed mortgage loan that is provided by a approved lender. ... The Fannie Mae loan has a higher credit score requirement at 620 to 640 which is higher than the FHA loan.
How do I know if my mortgage is Fannie Mae or Freddie Mac?
Fannie Mae can be reached at 800-232-6643 or Fannie Mae's website. Freddie Mac can be reached at 800-373-3343 or Freddie Mac's website.
What is the purpose of Fannie Mae and Freddie Mac?
Fannie Mae and Freddie Mac were created by Congress. They perform an important role in the nation's housing finance system – to provide liquidity, stability and affordability to the mortgage market .
What are the benefits of using Freddie Mac over Fannie Mae?
It freed up bank funds so they could make more mortgages . Unlike Fannie Mae, Freddie Mac could buy any type of mortgage and not just FHA ones. It also focused on buying 30-year mortgages from banks. It also sold its mortgages to the secondary market.
