what is fnma enhancements letter 2021 what is fnma enhancements letter 2021

Maybe try a search? Just got one, they used a little window in the envelope to call it a "Notice of FNMA Enhancement" and list my current lender's name, making it seem like it was from them. In fact, Fannie Mae expanded eligibility for their RefiNow program back on June 5th 2021. A scammer is using their name and instead of calling the actual company, you will be calling them if you use the phone number in the notice. May 4, 2022 Increasing our expense reimbursement limits for interior and exterior property inspections. yup. Has anyone else received something like this? Ilocated others online who received the exact same letter, but with a different financial institution listed at the bottom. Hopefully no one falls for this crap. Our team has collected thousands of questions that people keep asking in forums, blogs and in Google questions. Just got a letter from my mortgage administrator, Fannie Mae backed mortgage, saying that I may qualify for a $3000 payout, lower monthly payment and shorter term due to FNMA enhancements. Chinese Granite; Imported Granite; Chinese Marble; Imported Marble; China Slate & Sandstone; Quartz stone I dont feel like I am in MY right mind, and it is easy to fall victim to bad actors. Fannie Mae says that conventional loans typically require a minimum credit score of 620. Yes, thats my hope. Just got a letter from my mortgage administrator, Fannie Mae backed mortgage, saying that I may qualify for a $3000 payout, lower monthly payment and shorter term due to "FNMA enhancements". No payments missed in the previous six months and no more than one in the previous 12 months. If you get a notice of an FNMA Enhancements letter that offers you some loan, then please watch this video because it could be a scam! What is the difference between Fannie Mae Freddie Mac and FHA? Beware of specific indicators that require you to take specific actions in an urgent matter. These may not qualify as full-fledged scams but they're still deceptive marketing. Lender Letter (LL-2021-02) Updated: May 4, 2022 To: All Fannie Mae Single-Family Servicers Very misleading and deceptive practice. not be subject to recourse, repurchase agreement, indemnification, outstanding repurchase demand, or credit enhancement (unless the new loan is also subject to the credit Borrower Owned Unit for Fractured Condo Regime. FHA loans are insured by the Federal Housing Administration, and conventional mortgages aren't insured by a federal agency. This allowed many homeowners to reduce their monthly mortgage payments by locking in a lower interest rate. Borrowers must have a Fannie Mae-backed mortgage for their house, where they must live. Providing a $500 credit from Fannie Mae to the lender at the time the loan is purchased if an appraisal was obtained for the transaction. Fannie and Freddie failed in large part because they made bad business decisions and held insufficient capital. (301) 589-9500, I have read and understand the disclaimer. Thank you for sharing this information, and hopefully more people are informed about these scams. How the letters are sent Press question mark to learn the rest of the keyboard shortcuts. To qualify for RefiNow, homeowners must have: Statements from Fannie Mae Board Chairwoman Sheila C. Bair and Fannie Mae CEO Hugh R. Frater on FHFAs announcement of the new Enterprise refinance option are available here. Enhancements to support borrowers with non-traditional credit: aligns policy with eligibility expansions to the cash flow assessment and other risk . Income at or below 80 percent of the median income in their area. Additionally, the files will be sorted in descending order, so that the most recent file is at the top of the list. (yo|PcRhHM-c!cHF.* e;Z!jGjvY3hU>Js;3ZM=>*!Yto;XIj"hkx0xQ1R#ff[elv*~cyMtq-M? Freddie Mac can be reached at 800-373-3343 or Freddie Mac's website. Freddie Mac was chartered by Congress as a private company serving a public purpose. Download Lender Letter Saw this while I was on hold with the . Choose Know Your Options from the drop-down menu. Stay safe all. They prominently list your lender's name and maybe other official info, but probably got it from public records. This refinancing could save homeowners an estimated $100 to $250 per month. mine had small type that said *Entrust Funding is not affiliated with your current lender, Just got one of these and thats exactly what it is! This citation states that using these . Both provide liquidly, stability and affordability to the mortgage market, making them crucial to the country's housing system. what is fnma enhancements letter 2021. If you search for notice for FNMA enhancement, youll get a lot of scam warnings. Indicates if the mortgage loan may/will be cross defaulted and/or cross collateralized in the future with another mortgage. Letter as necessary. Exactly the same as the letter I received. proposed in December 2021, that requires Fannie Mae and Freddie Mac to submit annual capital plans to the agency and provide notice prior to taking certain capital actions. Is Freddie Mac a government agency? Lower-income borrowers typically refinance at a slower pace than higher-income borrowers, potentially missing an opportunity to save on housing costs. Where do balloons go when you release them? Fannie Mae provides credit enhancement for tax-exempt bonds issued to finance the acquisition, new construction, refinancing, or moderate to substantial rehabilitation of affordable housing multifamily properties with Low Income Housing Tax Credit (LIHTC) rent restrictions. If you want to get rid of private mortgage insurance, you'll likely need 20% equity in your home. As mentioned above, you can contact Fannie Mae safely and directly on their website if you have any questions or concerns. endstream endobj startxref When determining eligibility criteria for the Fannie Mae Flex Modification, the mortgage loan must not have been modified three or more times previously, regardless of the mortgage loan modification program or dates of prior mortgage loan modifications. I agree with this advice and it applies to ALL things. Fannie Mae is reminding servicers of their authority to approve eligible mortgage loan modifications for the Fannie Mae Standard Modification and the Fannie Mae HAMP Modification. ProFed is not responsible for the content of the alternate website. Fannie Mae and Freddie Mac also have differences in lending requirements and programs. Call your lender before taking any action. Both reasons have to do with the strict guidelines imposed because FHA loans are government-insured loans. No matter what financial questions you have, we're here to work with you on your terms. x]Mj0>`OJ`S Conventional Loans A conventional loan is a mortgage that's not insured by a government agency. Fannie Mae buys loans from lenders A lender is a financial institution that loans money directly to you with the expectation that it will be repaid with interest. We have reviewed severalof these letters and can confirm it is a scam. Our experts have done a research to get accurate and detailed answers for you. They make it look like it's from your lender and give you a ref # to provide when you call in so they can feel the nibble and know to go after you. If you click the 'link' in the body of the destination link above, the wording of the letter I received today is verbatim. Fannie Mae can be reached at 800-232-6643 or Fannie Mae's website. In addition, we do not sell or distribute your personal information to non-affiliated third parties. The letter gives me a reference number that I am to quote when calling. Please ignorethe letter anddispose of it like youwould any other junk mail. Mar 16, 2021 153 Dislike Share Save Scamadviser 26.7K subscribers If you get a notice of an FNMA Enhancements letter that offers you some loan, then please watch this video because it could. Typically, an apartment property that receives Fannie Mae Credit Enhancement looks like any other multifamily project. I quickly discovered that this FNMA enhancement letter was a scam. Fannie Mae (FNMA) was started by the federal government in 1938. The letters appear to come from JFQ Lending. Conventional loans allow slightly lower down payments. So glad you found this helpful. (adsbygoogle = window.adsbygoogle || []).push({}); Have you received an FNMA Enhancement Notice? Fannie Mae is also reminding servicers to submit to Fannie Mae all servicer-approved mortgage loan modifications in HomeSaver Solutions Network (HSSN) as "closed." Freddie Mac buys home mortgages, primarily from smaller banks and savings and loans. I received a letter last week, was looking at it just now and found this post. Took a look at the bottom and boom. In any case, it's best to contact your lender and inquire about any special benefits being offered. It seems that the benefits you get are too good to be true. Just like when you get a speeding ticket. This is your one-stop encyclopedia that has numerous frequently asked questions answered. If so, let us know in the comments below! It's important to note that information about mortgages is on public record. Market Realist is a registered trademark. oPVx+HDJ j#"j'"/HA#IA&z4H %PDF-1.6 % January 14, 2021 Fannie Mae will be implementing the following enhancements to DUS Disclose on January 29, 2021: Updated Portfolio Functionality: Upon activating the Deal Paydown Alert for the portfolio, the alert will display in the portfolio when the factor for a security within the portfolio goes to zero on Business Day 4. endstream endobj startxref HWN9weRTUP@]CbLEIUmHGMdNrt\`g}Vw;O$slxH&_)5Sa^S&nGInS6yx62+ H]G {|JTsw!P2L9m7G-p8k .D SB2(YjJm,R and contain the line "Notice of FNMA Enhancement." Homeowners can determine if Fannie Mae owns their mortgage by visiting Fannie Maes Loan Lookup Tool at KnowYourOptions.com. Thanks for your comment! The letters ask you to call1-833-782-0648and warns you to call before a certain date to secure economic benefits. to replenish their funds. Please also note the account number in the letter does not match your account number with ProFed, indicating a scam. Y=c+,ra Under the temporary eligibility guidelines, effective immediately, homeowners who missed payments and entered into a loss mitigation solution - such as a repayment plan, payment deferral, or loan modification - are eligible for a new refinance or purchase mortgage after three timely payments. The aim was to allow many homeowners (low-income borrowers) access to a lower interest rate and in turn, help them reduce their monthly mortgage payments. Please be advised that ProFed does not represent the third party or you (the member) if you and the third party enter into a transaction. I bet that event puts my name and address in a public record and on a list that can be purchased. So, feel free to use this information and benefit from expert answers to the questions you are interested in! Homeowners are advised to take advantage of a new Mortgage Stimulus Program before its gone. Maryland 20910, Do you have any questions? FHA loans allow lower credit scores than conventional mortgages do, and are easier to qualify for. It looks like nothing was found at this location. Fannie Mae buys mortgages from larger, commercial banks, while Freddie Mac buys them from much smaller banks. One red flag to watch for, according to ProFed, is the account not matching your account number. Required fields are marked *. Note: Due to the number of homeowners positively affected by these changes, call volume may be high. Data Collections User Interface: For easier navigation on this page, we are adding the ability to collapse and expand the different file sections. This is the actual letter Ireceived. The difference between a FHA and Fannie Mae loans are that the FHA insured loan is a loan by The US Federal Housing Administration mortgage insurance backed mortgage loan that is provided by a approved lender. People may receive compensation for some links to products and services on this website. Fannie Mae was founded back in 1938 to create more affordable housing within the United States and has been publically traded since 1968. Beware of specific indicators that require you to takespecific actions in an urgent matter. Homeownership is hard enough with out predators trying to take advantage of FTHB. mine was sold many many years ago and they still got the mortgage company wrong. Fannie Mae was chartered by U.S. Congress in 1938 to provide a reliable source of affordable mortgage financing across the country. Enhancements indicate positive changes, which Fannie Mae is always making. The primary difference between Freddie Mac and Fannie Mae is where they source their mortgages from. Please have eligibility code ********* ready when calling our Enhancements Help Desk to discuss your new loan information. ~L+w&7K5)1M~2L!v"%P\`X0IrmxA"@c|8dbnu`!*O2d(g19{V+z *gzQ;7QD>+9m U@0K.2"q7Cx"86 Bf"f'MHPwr/IYB]\`X; Ad8v9WK WM?DjxvA0H1TNVfkXSHffZ)% pj1774H'7Tl wpg>v%|m}SXy 2Y{[ 4bI5Ux| ^#%$HJM_f WyBSbxzu}9J^bs6jg`g3iW#t|+zd{i0q"3&Nge},2XRYS,R ho{dlrgejjfyKKL4C9F1]WEbX1QBj ch($L8+0Q$'~l6-U1;S|PhKObBKTMDr]D^D |jo'PchOhGLyg$s4|wIbHo&TcU O$ w3>#ZPuC^yFq.Y6mr}8LTE! , No other attorney, will fight harder for your freedom! "|b?5:Tx|DC6+Q8rW,XU^. and contain the line "Notice of FNMA Enhancement." The letters ask you to call 1-833-782-0648 and warns you to call before a certain date to secure economic benefits. When will fnma be released from conservatorship? Banks do not want homeowners to know about these programs as they can greatly lower mortgage payments through this simple Government-backed solution. The loan is made by a financial institution or other lender Then elsewhere it says, "Proposed Lender: JFQ Lending, Inc." Deceptive marketing. I want as many scams to be exposed as possible, as well as drill home the importance of doing your research before responding to any letter, email, etc. The eligibility criteria for this refinancing include: Its now easier for more lower-income homeowners to take advantage of historically low interest rates and save on their monthly mortgage payments. It was established in 1938 by Congress to stimulate the housing market. We support mortgage lenders in providing mortgage financing to help people buy or rent a home. (adsbygoogle = window.adsbygoogle || []).push({}); Your email address will not be published. It borrows in the debt markets by selling bonds, and provides liquidity to loan originators by purchasing whole loans. All Rights Reserved. THANK YOU! Youre very welcome and I totally agree that we are in a time when it is easy to fall victim to these scams. Just put that same letter through the shredder. Lender Letter LL-2021-03 - Impact of Covid-19 on Originations February 15, 2023 Lender Letter LL-2021-03 - Impact of Covid-19 on Originations This Lender Letter provides reminders and temporary flexibilities to support mortgage originations. Posted: November 23, 2021 in Credit Union Updates. ProFed reminds customers that their mortgage information is public record, which means anyone can search and discover information about your mortgage, including scammers. Company Information; FAQ; Stone Materials. If you head over to Fannie Maes website, youll find a wealth of information under the Homeowners & Renters tab. what is fnma enhancements letter 2021. I wish they would Just Fucking Quit Lending. XA;3Pr#ASX x~[Vy # ^y*xgIAx.;Ix>T<>ui/&q^f7uQ]!hDY8YZ`&RY1PVo5+$;/#/r6OOg#Pt'iP4/_nf. @;HP( a30=@,`4`g\#wFgoF9%uSKmIse 4V1B@p:z C For the most recent reporting period, the total quantity of electricity generated annually by the existing onsite electricity generation system (measured in kBtU). May 5, 2021 RefiNow Expands Eligibility to Help More Homeowners Reduce Their Monthly Mortgage Payment WASHINGTON, DC - Fannie Mae (FNMA/OTCQB) today issued additional details about its new RefiNow option, which is available for qualifying homeowners with a Fannie Mae-owned mortgage beginning June 5, 2021. For an interest rate swap, you must determine and advise Fannie Mae if the Borrower's interest rate hedge payment obligations are supported by a: Fannie Mae collateral agreement or credit enhancement instrument; or 724 0 obj <> endobj On September 6, 2008, the Director of the Federal Housing Finance Agency (FHFA), appointed FHFA as conservator of Freddie Mac. Scammers can get your contact information by searching through these records. efPl`.Rb)cSO Utilizing this new service could get homeowners $271 /mo*or$3,252*per year! Disclosing your personal information could result in an unfortunate series of events impacting your finances and privacy. March 15, 2021 . Beware of specific indicators that require you to take specific actions in an urgent matter. This eliminates that possibility of being scammed by any fake FNMA Enhancement promises. Have a great day and thanks for your thoughtful comment! Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of people in America. In fact, ProFed Credit Union warned their customers of this FNMA Enhancement scam when they were notified that their clients were receiving the letter from JFQ Lending. This is a question our experts keep getting from time to time. hbbd```b``l6V "9A$XDLlm~d-U@dX=)$= R2_cv &30x? be seasoned at least 12 months (from the original note date to new loan note date). Fannie Mae makes money partly by borrowing at low rates, and then reinvesting its borrowings into whole mortgage loans and mortgage backed securities. Updated Portfolio Functionality: Upon activating the Deal Paydown Alert for the portfolio, the alert will display in the portfolio when the factor for a security within the portfolio goes to zero on Business Day 4. How the letters are sent Try calling your lender at the number on your mortgage statement (NOT in that letter) and see what they say. The letters also urge you to call a number. If you call it, remember not to share any personal information, as it could result in a spam attack and financial loss. "Recent amendments to. This is often the amount of equity you'll need if you want to do a cash-out refinance, too. This helped a lot! (adsbygoogle = window.adsbygoogle || []).push({}); As you can see from the letter I received, the financial institution listed is Intercontinental Capital Group Inc., but others have received the same letter from the financial institution JFQ Lending. Be aware of the "Understanding FNMA Enhancement" letter scam. What is the purpose of FNMA? MBS for Bonds Fannie Mae MBS: issued to . The FNMA doesn't originate mortgages but purchases and guarantees them through the secondary mortgage market. As the Federal National Mortgage Association (FNMA) enhances loan terms, some people get FNMA enhancement letters. Law Offices of Gerstenfield & Demirji, PC Multifamily Mortgage Business Lender Letter 2 1-02 . Understanding Stock Market Terms, How to Make Money With a Drone: Earn a Full Time Income, How to Make Money on Maternity Leave Our Top 10 List. endstream endobj 728 0 obj <>stream This program provides low borrowing cost, flexible structures, and a . Yes, if you receive a notice FNMA Enhancements correspondence in the mail, it is a scam and you should immediately throw it in the trash. A Fannie Mae-backed mortgage secured by a 1-unit, principal residence; A current income at or below 80% of the AMI (not the income as of origination of the original loan); Not missed a mortgage payment in the past six months, and no more than one missed mortgage payment in the past 12 months; and. They provide liquidity (ready access to funds on reasonable terms) to the thousands of banks, savings and loans, and mortgage companies that make loans to finance housing. This Stimulus Program is aimed to help average American citizens and stimulate the economy. These changes will generate economic benefits for those, like you, who have a conventional mortgage. This. CxpYM{:-4S{R'._-z9kU]d=yo(tr2uz8&.:c`{GEsz4qE!;! A mortgage with a loan-to-value ratio up to 97%, a debt-to-income ratio of 65% or less, and a minimum 620 FICO score. To get the necessary information, call our office at ***-***-**** before (date). A general rule of thumb is that you should have at least 20% equity in your home if you want to refinance. Thank you for this posting and explanation. Posting the link above is appreciated! Thanks! Vh4M &sYkf9r}\yB 4'N6`E?F7\eiyA,@$9\nftlc3c`fMDzy:/`M4Y B1. If you call the number listed, it may connect you to an automated recording or a person. Such scams have become more common since loan modifications started after the Great Recession of 2008. Totally a scam. the villa pacific palisades, ca. Your email address will not be published. The bottom of the letter states that, "This is a third-party offer from JFQ Lending, Inc.". Yeah, trying to discern whether or not this is a legitimate thing that Im entitled to, or some marketing racket. I get these every few months and I think it's a sketchy way to pitch a refinance. To learn more, visit:fanniemae.com|Twitter|Facebook|LinkedIn|Instagram|YouTube|Blog, Media ContactJessica Alexander Many people have received letters titled Understanding FNMA Enhancements. Some of these letters cite home loans from McKesson Emps Federal and JFQ Lending. If you haveany questions or concerns regarding the letter, weencourage youtocontact us directly. Freddie Mac HFA Advantage mortgage is a high loan- to-value (LTV) conventional offering that's an excellent alternative to FHA lending requirements and mortgage premiums. View more posts about Credit Union Updates. !-O }Z_ Freddie Mac released a pair of enhancements. Thank you so much! Conventional loan down payment requirements The minimum down payment required for a conventional mortgage is 3%, but borrowers with lower credit scores or higher debt-to-income ratios may be required to put down more. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); 2023 by The Law Offices of Gerstenfield & Demirji, PC. B*!x60-RkC>{y7W%!c2NVCSs9\@wN%h+vE-m/Fw5)}&pl qaTcg/6k8d[{"UBR(gA279ar#DH6RNGd'l":({*T7yl3v?1_ya)>p^rtC0cI\)1PL[K-r};Qd-6{qVos3L'9AmExuE^E_r-sg3 F0wH2"0$2Y-Yf9n5^5Yy_' kt9 ^ A00o_y3 ~/ ;N"1m h My mortgage was sold to another lender as often happens, last month. Feb. 01, 2023. A multifamily property that is composed of multiple individual units in a building (or other designated area) each of which is bound by the restrictions and requirements set forth in the residential condominium documents applicable to all of units. 74=? While Fannie Mae doesnt issue mortgages to consumers or lend them money, they do buy mortgages directly from lenders. Fannie Mae is tightening the underwriting criteria for second homes and investment properties, the government sponsored entity said in a letter to sellers on Wednesday. FNMA scamsters get your information about mortgages from public records. (adsbygoogle = window.adsbygoogle || []).push({}); The notice begins by addressing you by name. Initially announced April 28 by the Federal Housing Finance Agency, RefiNow makes it easier for eligible homeowners earning at or below 80% area median income (AMI) to refinance at a lower interest rate and reduce their monthly mortgage payment. They are the same. June 7, 2022 . It started the program for 2021 on June 5. Copyright 2023 Market Realist. Its always good to double check, especially if your transaction involves money. Do not share your personal information under any circumstances. HWn6}7X"I6Em}p&+]YmCik(6u3g~l_2(=(|LY4{=~6AO4/Nfa7pribxqX&O hG5&qFp7#X%YC:+&J 2kYc#K&8q?k;|2belh m:C\c0#*nTyN@A}#) `#fSc[UX&ypYN3dMu1c MHl*\.9B?2Ek$1}B2vIbd=& They perform an important role in the nation's housing finance system to provide liquidity, stability and affordability to the mortgage market. 0 what is fnma enhancements letter 2021. To enhance this particular program, FNMA expanded its eligibility back in June 2021. The letter reads: Your current loan has been identified as being likely to benefit from the aggresive enhancements made to Fannie Mae eligibility. What is One Benefit of Privately Issued Student Loans. You need at least 3 percent for your down payment. 202-752-2725, Fannie Mae Newsroomhttps://www.fanniemae.com/news, Photo of Fannie Maehttps://www.fanniemae.com/resources/img/about-fm/fm-building.tif, RefiNow Expands Eligibility to Help More Homeowners Reduce Their Monthly Mortgage Payment, About the Mortgage Lender Sentiment Survey, About the Refinance Application-Level Index, https://www.fanniemae.com/resources/img/about-fm/fm-building.tif, Fannie Maes New Refinance Option Available Beginning June 5. I've been getting nonstop predatory refi offers on a weekly basis this year. Here's a scam warning from another bank about a very similar letter. Menu ceramic cutting tools advantages and disadvantages. Why you got "Understanding FNMA Enhancement"? Welcome to Sharing Culture! These solicitations claim that you're eligible for special economic enhancements if you refinance with a company.  )3L>85ndF}'|UIB2Smk# F_Jh 'bYd?O06:\H&(Z}o.8oC}nz,y^]eJYnD^*|RL*q provide Fannie Mae with copies of the existing interest rate hedge documents. Wow, the letter is practically the same letter I got! Because Fannie was started by the government,. Fannie Mae Single-Family MBS November 2021-F S 2 1. Probably why I got this same "FNMA Enhancement" letter from JFQ Lending. Nailed it. Never use the contact information on a Fannie Mae Enhancements letter. (% .^Bz 4SW5S_8hXEP` hbbd```b``"WH uX," ``r5Bz^ 9&WM D ] REH2j` RHONw ;~ Another name you most likely know this organization by is Fannie Mae. 0 In fact, Fannie Mae expanded eligibility for their RefiNow program back on June 5th 2021. Subject: Lender Letter 2 1-02 - Loan Document Update . 710 0 obj <> endobj From: Te-Mika Warner, Deputy General Counsel . At ProFed, we work hard to ensure your information is secure and protected. Its operation makes affordable mortgages available to low-income Americans. What is the difference between a Fannie Mae loan and a conventional loan? After the mortgage meltdown of 2008, Fannie Mae and Freddie Mac started to focus on loan modifications. Restricted Affordable Housing includes the following Affordable Housing Types: MBS and Mega Advanced Search Download File, Fannie Mae to Release DUS Disclose Enhancements in January 2021. what is fnma enhancements letter 2021shaun thompson elmhurst Consultation Request a Free Consultation Now. orlando to fort pierce train; dod personnel who suspect a coworker of possible espionage should; boyd funeral home marion, ohio obituaries; horner's syndrome in cats after ear cleaning; About Fannie Mae I hope it helps others avoid getting scammed! .zip Form 1209: Green Retrofits Certification 1/19/2021.pdf Form 1301: Diverse Borrower Questionnaire 4/15/2021.pdf Form 1302: Diverse Borrower Certification 4/15/2021.pdf Form 6011: Waiver of 50-page Limit for SBL Appraisal 6/27/2019 To view this form, download and open the form in Adobe Reader Fannie . I appreciate the info. It is important to note that both JFQ Lending and Intercontinental Capital Group Inc. are legitimate companies, but they are not the ones behind the FNMA Enhancements mortgage notices that are being sent to you. Fannie Maes new RefiNow option will help more homeowners refinance by removing some of those barriers, improving affordability, and promoting sustainable homeownership, said Malloy Evans, Senior Vice President and Single-Family Chief Credit Risk Officer, Fannie Mae. be a conventional mortgage loan owned or securitized by Fannie Mae. Offers may be subject to change without notice. It was designed to help re-start the housing market after the Great Depression. . WASHINGTON, DC Fannie Mae (FNMA/OTCQB) today issued additional details about its new RefiNow option, which is available for qualifying homeowners with a Fannie Mae-owned mortgage beginning June 5, 2021. 758 0 obj <>stream 738 0 obj <>/Filter/FlateDecode/ID[<15FA173914A31E40A435E7287B3C4E37><9EEB683B2C048443932D0A77DAA29425>]/Index[710 49]/Info 709 0 R/Length 126/Prev 223353/Root 711 0 R/Size 759/Type/XRef/W[1 3 1]>>stream Share: Fannie Mae and Freddie Mac are government-backed mortgage companies created by the U.S. Congress. The difference between a FHA and Fannie Mae loans are that the FHA insured loan is a loan by The US Federal Housing Administration mortgage insurance backed mortgage loan that is provided by a . That way you dont take a chance of being scammed or giving your personal information to the wrong person who could use it to do you harm! 8720 Georgia Avenue, Suite 301 Silver Spring, The Fannie Mae loan has a higher credit score requirement at 620 to 640 which is higher than the FHA loan. Most conventional loans are backed by mortgage companies Fannie Mae and Freddie Mac. While lenders arent required to participate, many do, including Quicken Loans (Rocket Mortgage). Always verify before you do anything. Fannie Mae's "RefiNow" program aims to lower the interest rate homeowners pay on their mortgage, and, therefore, the amount they pay monthly. Fannie Mae Single-Family Loan Performance Data, Multifamily Connecticut Avenue Securities, Multifamily Connecticut Avenue Securities Transactions, Multifamily Credit Insurance Risk Transfer, Noncallable and Callable Debt Issuance Detail, Noncallable and Callable Debt Outstanding Detail, Noncallable Benchmark Securities and Bonds Outstanding.