Get Fannie Mae 1021 2009

Although Fannie Mae loans offer a low down payment option of 3%, if your down payment is not equal to a certain amount, you'll need to purchase mortgage insurance. This extra monthly cost is added to your mortgage.

Similar to Fannie and Ginnie, Freddie Mac, or Federal Home Loan Mortgage Corporation, was derived from its acronym FHLMC. Freddie, from “F” and Mac from “MC.” It seems the jury is still out on as to why letters “HL” were left out.

Fannie Mae and Freddie Mac were created by Congress. They perform an important role in the nation's housing finance system – to provide liquidity, stability and affordability to the mortgage market.

Fannie Mae guidelines require the lender to review the property's title history and ensure it's clear of any prior ownership claims from previous owners or any judgments or liens, such as unpaid property taxes. Title insurance is required to cover the loan amount on the purchase or refinance of any Fannie Mae loan.

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 .KnowYourOptions.com/loanlookup, Freddie Mac .freddiemac.com/mymortgage.

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.

Fannie Mae is a leading source of mortgage financing in the United States. We help make affordable housing accessible to homeowners, homebuyers, and renters across the country and achieve this with the help of our housing partners.

The primary difference between Freddie Mac and Fannie Mae is where they source their mortgages from. Fannie Mae buys mortgages from larger, commercial banks, while Freddie Mac buys them from much smaller banks.