Tuesday, April 21, 2009

Fannie or Freddie? Find Who Owns Your Home Loan

The biggest benefit of the Obama Administration's Making Home Affordable program is that homeowners who are current on their payments can refinance their loans on excellent terms. But the program is available only if Fannie Mae or Freddie Mac holds the loan.

Through June 2010, borrowers whose loans are owned or guaranteed by Fannie or Freddie may be able to get quick refinances for up to 105% of a home's value. They must be current on their mortgage payments, but administration officials estimate that as many as 5 million homeowners qualify. And refis are available for borrowers with credit scores as low as 620. [Los Angeles Times]

To find out if your loan is held by Fannie or Freddie call your lender or go to:

For Fannie Mae: http://loanlookup.fanniemae.com/loanlookup/

For Freddie Mac: https://ww3.freddiemac.com/corporate/