Quick mortgage tip: “How do I know if Fannie Mae or Freddie Mac owns my mortgage?”
One of the key requirements to getting approved under the Home Affordable Refinance Program (HARP) is ensuring that your loan is indeed owned or guaranteed by Fannie Mae or Freddie Mac.
Luckily, the pair has made it very simple to find out if your mortgage is owned or backed by either.
Keep in mind that the property must also be one-to-four unit, owner occupied property, and you must be current on mortgage payments to qualify.
The mortgage balance must also not exceed 125 percent loan-to-value (now there is no limit!); if you don’t meet any of these requirements, you may be eligible under the Home Affordable Modification Program (HAMP) instead.
However, to receive a loan modification through HAMP, you must have trouble making your mortgage payments.
Additionally, FHA loan borrowers are able to receive similar assistance via the FHA-Home Affordable Modification Program.
Keep in mind that there are also loss mitigation programs available with individual banks and mortgage lenders if you don’t qualify for government assistance.