How will I know if my mortgage loan is Fannie Mae or Freddie Mac backed?

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Fannie Mae

Fannie Mae headquarters in Washington D.C.

9 Comments
  1. Reply
    happydawg
    January 26, 2011 at 1:21 pm

    It depends on which company you borrowed the money from.

  2. Reply
    Ryan M
    January 26, 2011 at 1:48 pm

    Was it a jumbo loan? if so, then it is not backed by them. Contact your lender to verifiy.

  3. Reply
    wiser
    January 26, 2011 at 2:23 pm

    Ask your mortgage company. They will know.

  4. Reply
    Olivia
    January 26, 2011 at 2:46 pm

    Mortgage loan is a term used for the loans secured by a property. Mortgage loans refer to a loan secured by residential property, often for the purpose of securing real estate. Mortgage loans are priced lower than other loan structures because the value of the property risk for the lender.

    http://www.worldbestloans.com/Mortgage%20Loan.htm

    A fixed rate mortgage loan has its own benefit. If the borrower is budget conscious, he will remain at peace because the monthly mortgage amount will not change.Fixed rate mortgage loan is a loan where the interest rate remains the same through the term of the loan. Fixed rate mortgage loans are the most traditional form of loan.

  5. Reply
    Fatty
    January 26, 2011 at 3:27 pm

    none. fannie mae offers great fixed rate principal and interest programs. so do the lenders. if you want interest only loans or adjustable loans (2,3,5, or 7 year), then it is better to go with traditional financing as opposed to fannie mae. Let me know if you need help figuring this out.

  6. Reply
    R1
    January 26, 2011 at 3:40 pm

    Fannie Mae loans are written to very commonly accepted guidelines and offered by most mainstream lenders, which can allow for excellent financing for homeowners seeking very traditional financing, particularly the popular 30 year fixed rate mortgages which the company basically sets the benchmark for.

    Pros:
    1. Consistent pricing from most lenders, so you don’t have to shop around as much.

    2. Ability to handle less than perfect credit even with a smaller down payment through the MyCommunity100 program.

    3. A great alternative to a “subprime loan” for borrowers whose median FICO credit score is below 620.

    Cons:
    1. Fannie Mae loans for single family residences in the 48 continental states are only available to a maximum of $ 417,000, however the limits for 2 family to 4 unit properties is higher, as are the limits for loans made in Alaska and Hawaii. Larger loans are considered “jumbo” and do not qualify for Fannie Mae programs.

    2. Borrowers with truly excellent credit may qualify for better programs than those offered by Fannie Mae.

    3. Fannie Mae loans are not available in popular interest only or interest deferred (pay option) varieties. You had better want a regular 30 year fixed mortgage with principal and interest payments.

    Summary:
    All in all, if the loan is less than $ 417,000 or otherwise meets the Fannie Mae “conforming” loan size limits, you would be well advised to explore the option of getting a Fannie Mae loan. However, you may wish to consider getting quotes for both conforming (Fannie Mae) and non-conforming (non-Fannie Mae) loans. Note that some lenders offer programs from Freddie Mac, the other giant standard in smaller mortgages, which are in most cases identical to Fannie Mae for most purposes.

    Good Luck!

  7. Reply
    agenziami
    January 26, 2011 at 4:22 pm

    Great shot!
    We published to illustrate our news.

    Bello scatto!
    Lo abbiamo pubblicato per illustrare la nostra notizia.

  8. Reply
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    January 26, 2011 at 4:44 pm

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  9. Reply
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    January 26, 2011 at 4:48 pm

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