Does Fannie Mae Own My Loan

Does Fannie Mae Own My Loan

If you are looking to take advantage of the new Home Affordable Refinance guidelines set to release in December, one of the first things you may be wondering about is "Does Fannie Mae Own My Loan?"  This question is one of the first things you will need to answer before you can proceed on the Home Affordable Refinance Program.

Use this link:  Does Fannie Mae Own My Loan

The new guidelines have created a buzz in the real estate community that the low mortgage rates available in today's marketplace will now be available to virtually any home owner who is employed and answers yes to the question, Does Fannie Mae Own My Loan.

Among the new improvements to the Home Affordable Refinance program are:

-  No appraisal required if there is a reliable AVM (Automated Valuation Method) available for your home. 

-  No limits to loan-to-value ratio (previously was limited to 125% of the home value).

-  Mortgage must have been sold to Fannie Mae or Freddie Mac prior to May 31, 2009.  Does Fannie Mae Own My Loan

-  Home owner may not have already refinanced under the Home Affordable Refinance program previously.

-  It is rumored there will be less stringent income and asset documentation required as well.

There is another interesting enhancement to the Making Home Affordable Refinance program that is interesting.  If the home owner lowers the term of their loan, for example from a 30 year fixed to a 20 year fixed, there are no "pricing hits" assessed.  In other words, despite a high loan to value ratio and/or a lower credit score, you will still get the same rate as someone with stellar credit and 80% loan to value ratio.  This is a huge enhancement to the program as it will provide an incentive for people to shorten their mortgage term, and therefore pay down their mortgage balance faster.

So once again, the place to start is to answer the question "Does Fannie Mae Own My Loan" by using the handy Fannie Mae Lookup Tool.  Without answering the "Does Fannie Mae Own My Loan" question, you will not know if you meet the basic requirement to qualify for this program.