How to Determine if You Have a Fannie Mae or Freddie Mac Mortgage

Jamie Beck — Sat, 07 Mar 2009 01:09:13 +0000

In order to qualify for the federal Making Home Affordable refinancing program, you must have a Fannie Mae or Freddie Mac mortgage. But, how can you tell if you meet this requirement?

The easiest way to find out is to pick up a phone and call your lender. They should be able to look up your records and give you the necessary information. Some major lenders, such as Wells Fargo, give out this info via an automated hot line.

If that doesn’t work, you can contact Fannie Mae or Freddie Mac directly using the info found on the government’s Financial Stability website.

In some cases, your mortgage ownership information will show up on your credit report or on files at the the County Recorder’s office. But, it’s important to note that this data can be out-dated or unreliable.

For the few who who meet the requirements, the federal creative financing program can be a smart way to get a low interest rate.

photo credit: borrowed time | demi-brooke

FHA Mortgage Basics

Qualify for the Federal Making Home Affordable Refinancing Program

Jamie Beck — Wed, 04 Mar 2009 07:32:32 +0000

The federal government recently released more details on how to qualify for the new refinancing program. In a nutshell, if you want a federally-insured refi at a a lower rate, you must meet the following requirements:

1. you must live in the property as a primary residence

2. your mortgage must be insured by Fannie Mae or Freddie Mac

3. you must be current on your mortgage payment

4. the amount you owe on your home must be equal to or less than the value of the property

If you want to give this “creative refinancing” a try, check out the official FinancialStability.gov website.

Creative Financing 101 » Refinancing

How to Determine if You Have a Fannie Mae or Freddie Mac Mortgage

Qualify for the Federal Making Home Affordable Refinancing Program