Fannie Mae Reviews

I found my dream home. Which was for sale as is. I had inspections done but the house had been winterized, took 2 weeks for the selling agent to get the house dewinterised right before closing date. After the purchase I found a grinder system that was not functional, 4350$, a dishwasher that didn't work, and a iron cast pipe under the house that needs to be replaced for sewage. None was disclosed. Legally I don't believe they had to because it was as is, but not a good look for a company trying to help young families find their forever home. Is this fraud?

My father had a home loan Santander Bank being the servicer and Fannie Mae being the investor. When he passed the home was willed to me and I contacted Santander to see what information they needed from me. They requested a copy of the death certificate and a copy of the will which I faxed to them from the local Santander Bank in my hometown after they received that they requested my ID. I faxed it to them and they said to contact them in 5 weeks that the information should be in the system and I should be able to handle the loan. When I contacted them they said, "Oh we must have missed it on the fax machine, you're gonna have to fax it again." This went on for some time.

So the process of buying a Fannie Mae homepath property was not that hard. If you follow the directions from your lender. My problem came after I purchased the home. Within the first 90 days, I had to get my drain snaked at 400 bucks. This was the first week. Then I noticed they put my bathroom faucets in backwards so they didn't work properly and had to be replaced, another 200 bucks. All my sockets that I swear were appraised didn't work so I had to get an electrician out another 350 bucks. The last straw that caused me to actually write this review is MY ENTIRE KITCHEN SINK FELL IN. YES the craftsmanship was so shotty that my entire sink just caved in and the only thing I had it filled with was water!!!

I was a cosigner on a loan for a condo, it took several months for our loan to even be reviewed, during which there was absolutely no communication. Said loan was then declined due to issues with the condo itself, leading to multiple wasted days off and a huge hit to my credit score for absolutely nothing. Overall just a company that couldn't care less about your experience, time, or interests.

I have a credit score over 800 and applied for a Fannie Mae card. I was told I needed to upload a form of identification and proof of address. I uploaded my driver's license and a pdf copy of a multiple page checking account statement as part of the initial application process. The company then sent seven automated emails stating they needed documents to be uploaded but give no specific reason why the previously uploaded documents were incorrect.

These people will transfer your loan over to any old service provider they want, no matter how sketchy they appear. I have been doing business with American Pacific Mortgage, and have refinanced with them, over several years now only to find out that my service provider had been transferred to a company called "Mr Cooper" whose mailings look very much like spam that we homeowners receive constantly. Come to find out what I thought was spam was my new service provider, all the while I'm making payments to my old one. After some calling around I find out Fannie Mae can snap their fingers and transfer your loan (and therefore livelihood) to anyone they want, but when asked to transfer back? Can't do it! Not without you having to go through another round of refinancing your loan.

I went to Fannie Mae from a good resource. But only to find out that within a few weeks my mortgage was sold to prime lending then 1 year later sold to Nationstar. Within a year I had 3 different mortgage Co. They stop letting these mortgage Co buy them out so many times. Do not recommend this company.

Fannie Mae can be a cumbersome loan process, but they do provide quality service upon completion. They are very tedious about the documentation needed, as most are, but they're overall service-related resources are unmatched.

As a Housing Counselor, I am aware of the Home Ready and Home Possible loans offered by Fannie Mae and Freddie Mac which require a 3% down payment that can be funded fully through gifts. The FHA loan requires a 3.5% down payment (10% for lower credit scores) that has limitations on using gifted money. The Home Ready and Home Possible loans also allow for alternate credit reporting, while the FHA does not.

I refinanced with Fannie Mae through my credit union but so had many other people. It took over 90 days but in the end it saved me almost $200. Easy to sign all the final papers. Very happy with the end result.