Do I qualify for Freddie Mac?
Qualifying for HomeOne Freddie Mac 97 percent financing
At least one borrower must be a first–time homebuyer. The property must be a one–unit primary residence including single–family residences, townhomes, and condos. You need at least 3 percent for your down payment. Homebuyer education is required.
Why did Freddie Mac buy my loan?
Investors will buy mortgage-backed securities from Freddie Mac for higher prices because they know that the U.S. government will reimburse them if something goes wrong. In the securities market, a higher price means a lower interest rate. This gets passed on to you.
Is Fannie Mae legit?
Fannie Mae is a government-sponsored enterprise (GSE) that purchases mortgage loans from smaller banks or credit unions and guarantees, or backs, these loans on the mortgage market for low- to median-income borrowers.
How do I know if my mortgage is owned by Fannie Mae or Freddie Mac?
Fannie Mae can be reached at 800-232-6643 or Fannie Mae's website. Freddie Mac can be reached at 800-373-3343 or Freddie Mac's website.