Is my mortgage backed by Fannie Mae or Freddie Mac?
We encourage you to 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 following websites: Fannie Mae www.KnowYourOptions.com/loanlookup, Freddie Mac www.freddiemac.com/mymortgage.
As of 2023, Fannie Mae and Freddie Mac support around 70 percent of the mortgage market, according to the National Association of Realtors. That means the majority of conventional loans, those offered by private lenders, end up being backed or purchased by one of the two entities.
Fannie Mae Loan Lookup Tool
Fill out the simple form with all required and requested information. The form will ask for your First and Last Name, Address, and Last 4 Digits of your Social Security Number. If Fannie Mae DOES own your loan: the resulting page will show a match.
- Call your mortgage servicer. You can find the number for your mortgage servicer on your monthly mortgage statement or coupon book.
- Look it up online. There are some online tools you can use to look up who owns your mortgage.
- Send a written request.
Your mortgage servicer (the company you send your payments to each month) can tell you if your loan is federally backed.
Fannie Mae is happy to buy mortgages from lenders — but not every mortgage. For Fannie Mae and Freddie Mac to be able to re-sell loans, they need to be considered safe investments. That means each mortgage must meet certain requirements or “guidelines.” Fannie Mae guidelines run more than 1,200 pages.
What are Non-Conforming Loans? Non-conforming mortgages don't meet Fannie Mae and Freddie Mac's rules. Examples of non-conforming loans are jumbo and government-backed loans, including FHA, VA, and USDA. These loans are still good, reliable mortgage programs that have helped millions of people become homeowners.
Also known as a “conforming” loan, a conventional mortgage loan is any type of home loan that is guaranteed by a private lender or a government-sponsored enterprise like Fannie Mae.
The FHFA sets requirements for Fannie Mae called conforming loan limits. These mortgage loans, known as conforming mortgages, are guaranteed by Fannie Mae. This means they'll make investors whole if the borrower goes into default.
According to the Federal Housing Finance Agency, by the first half of 2020, Fannie Mae and Freddie Mac owned 62 percent of eligible loans. While there are many similarities between the two federally backed mortgage entities, there are also some fundamental differences.
What is the difference between Freddie Mac and Fannie Mae?
The primary difference between Freddie Mac and Fannie Mae is the types of lenders they source their mortgages from. Fannie Mae buys mortgages from larger, commercial banks, while Freddie Mac buys them from much smaller banks.
To figure out what type of federal loan you have, look at the promissory note and application, or log into your account on studentaid.gov. You can also look at the top of your monthly bill – the name of the program should be listed there.
Download our app to find relief options and resources on the go. 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.
Fannie Mae and Freddie Mac buy mortgages from lenders and either hold these mortgages in their portfolios or package the loans into mortgage-backed securities (MBS) that may be sold. Lenders use the cash raised by selling mortgages to the Enterprises to engage in further lending.
Look at your mortgage paperwork: Your mortgage documents should indicate if your loan is an FHA-backed loan. Look for language that includes "FHA-insured," "FHA-guaranteed," or "HUD/FHA." Check with your lender: You can contact your mortgage lender and ask them if your loan is backed by the FHA.
Fannie Mae and Freddie Mac are large companies that guarantee most of the mortgages made in the U.S. Together, they are also known as the government sponsored enterprises (GSEs). Historically, they were private companies operating with government permission and under government regulation.
If you're wondering how to tell if your student loans are federal, you can log into the Federal Student Aid website using your FSA ID to see a list of all federal student loans in your name. On your account dashboard, you can find “My Loan Servicers” or check the National Student Loan Program System.
There are several different types of mortgage loans, but mostly they fall into two larger “buckets”: loans that are federally-backed, and loans that are backed by private companies.
Fannie Mae buys loans from lenders, replenishing the lenders' funds so they can provide new mortgages for more homebuyers. Your mortgage servicer — the company that you send your monthly payments to — and your loan terms remain the same when we purchase your loan.
No. Freddie Mac does not make loans directly to homebuyers. Our primary business is to purchase loans from lenders to replenish their supply of funds so that they can make more mortgage loans to other borrowers. What is the secondary mortgage market?
Why did my bank sell my mortgage to Fannie Mae?
Many lenders specialize in originating a mortgage, but often, this initial lender can't afford to wait for 15 or 30 years for you to pay it all back. By selling it, they no longer have to keep your debt on their books, and they can offer loans to other prospective homeowners.
Fannie Mae and Freddie Mac are federally backed home mortgage companies created by the United States Congress. Neither institution originates or services its own mortgages. Instead, they buy and guarantee mortgages issued through lenders in the secondary mortgage market.
- Down payment: The Home Possible program requires a 3% down payment. ...
- Credit score: You'll need a credit score of at least 620 to buy a house with a Home Possible mortgage. ...
- Income limit: Your total annual income cannot exceed 80% of your area's median income (AMI).
The primary business of Freddie Mac is to purchase loans from lenders to replenish their supply of funds so they can make more mortgage loans to other bor- rowers.
Fannie Mae is a leading source of mortgage financing in the United States. We don't originate mortgage loans or lend money directly to borrowers. Instead, we purchase mortgage loans made by lenders, who are then able to use those funds to offer mortgage loans to more people.
