Does Fannie Mae or Freddie Mac Own Your Loan?
Do you know if your mortgage loan is owned or guaranteed by Fannie Mae or Freddie Mac? If it is, you may be eligible for a Home Affordable Refinance or Loan Modification to take advantage of today’s low interest rates. Many homeowners don’t know that their mortgage company doesn’t necessarily own or guarantee their loan.
You can easily find out online whether Fannie Mae or Freddie Mac owns or guarantee’s your loan by visiting their website or by calling their toll free number. To look up your loan, you will need to enter street address and social security number (required by Freddie Mac).
Look up your loan at:
- Fannie Mae
- www.fanniemae.com/loanlookup
- 1-800-7FANNIE (8am to 8pm EST)
- Freddie Mac
- www.freddiemac.com/mymortgage
- 1-800-FREDDIE (8am to 8pm EST)
If your loan is owned or guaranteed by Fannie Mae or Freddie Mac, you can then determine if you are eligible for a Home Affordable Refinance.
You may be eligible to refinance your home if:
- You are the owner occupant of a one to four unit home,
- The loan on your property is owned or securitized by Fannie Mae or Freddie
- At the time you apply, you are current on your mortgage payments (current means that you haven’t been more than 30-days late on your mortgage payment in the last 12 months or, if you have had the loan for less than 12 months, you have never missed a payment),
- You believe that the amount you owe on your first mortgage is about the same or slightly less than the current value of your house,
- You have income sufficient to support the new mortgage payments, and
- The refinance improves the long-term affordability or stability of your loan.
To be eligible for a home affordable modification, you must:
- Be an owner-occupant in a one to four unit property,
- Have an unpaid principal balance that is equal to or less than $729,750 for one unit properties (there is a higher limit for two to four unit properties – consult your servicer),
- Have a loan that was originated on or before January 1, 2009,
- Have a mortgage payment (including taxes, insurance, and home owners association dues) that is more than 31% of your gross (pre-tax) monthly income, and
- Have a mortgage payment that is not affordable, perhaps because of a significant change in income or expenses.
- If you answered YES to all of these questions, you may be eligible to apply for a Home Affordable Modification. Only your servicer will be able to tell you if you qualify.
To find out more information visit MakingHomeAffordable.gov.
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