Fannie Mae

Fannie Mae

 4.1/5 (70 ratings)
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About Fannie Mae

This profile has not been claimed by the company. See reviews below to learn more or submit your own review.

Fannie Mae is a government-endorsed mortgage provider that specializes in helping middle- and low-income families find affordable home loans. It also has a refinancing program, and its website includes resources related to affordable housing and home purchasing.

Overall Satisfaction Rating

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  • Helps you find affordable housing
  • Lots of resources
  • Refinancing options
  • Affordable loans by approved lenders


  • No live chat
  • Confusing website

Bottom Line

Fannie Mae provides fairly affordable mortgages for middle- to low-income families. Its website is a bit confusing, but it has some helpful resources. It might be ideal if you can’t find a loan elsewhere.

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What is Fannie Mae?

Fannie Mae (Federal National Mortgage Association) is a leading financing institution that provides affordable options for middle- and low-income homebuyers, homeowners and renters. It’s not a direct loan provider; instead, it offers affordable mortgage financing solutions for all markets, including residential homeowners. It’s a big player in the housing market and can help you get a loan or refinance a loan for your mortgage even if your income is lower than average.

What does Fannie Mae do?

Mortgage financing is a tricky business. Fannie Mae is known for a few specific services in the world of mortgages:

Single-family financing

Fannie Mae can help you get or refinance a 30-year fixed-rate mortgage. This lets you pay a predictable mortgage rate for the remainder of the loan and can ease the financial stress of an ever-changing mortgage rate. Fannie Mae has several options for single-family homebuyers or owners looking for an affordable mortgage:

  • HomeReady plans can help you buy with a low down payment.
  • HomePath lets you purchase or refinance a foreclosed home.
  • HomeStyle Renovation includes renovations in your mortgage or refinancing.
  • Manufactured Housing supports affordable home alternatives.
  • Shared Equity and Homebuyers Assistance Programs can help qualifying families or individuals through the homebuying process.
  • Native American Lending helps provide mortgage financing opportunities for Native Americans.

Multi-family financing

Fannie Mae helps create access to affordable rental housing by turning loans into mortgage-backed securities. This provides more lower-income rental housing.

Real estate-owned properties

Fannie Mae can help you find listings for foreclosed homes. It also provides several online resources for homebuyers and real estate professionals. Though it isn't a direct loan provider, it does make a few explicit promises on its website:

  • Innovative mortgage solutions
  • Consistent pricing
  • Great technology
  • Fast funding
  • Service and support

Fannie Mae loan requirements

Whether you're a business or an individual, Fannie Mae’s eligibility requirements vary greatly depending on what program you apply for. Typically it considers these factors for all potential borrowers:

  • Age
  • Credit score (must be fairly good)
  • Loan amount
  • Debt-to-income ratio
  • Down payment capacity (ideally 3% to 5%)

If you decide to use one of its approved lenders, you'll fill out a Uniform Residential Loan form, which is standard and contains the information required for a lender to establish a borrower profile.

Fannie Mae mortgage rates

Fannie Mae's rates are based on the ever-changing mortgage market and other factors like loan size and location. Mortgage rates change daily, and Fannie Mae's prices have no set structure. To find out more information about its mortgage rates, we recommend visiting the Fannie Mae website and contacting the institution.

Fannie Mae FAQ

What is the difference between Freddie Mac and Fannie Mae?
Freddie Mac is the only other major mortgage stimulator. However, Freddie Mac specializes in buying mortgages from smaller banks and lenders, while Fannie Mae typically purchases home mortgages from larger commercial banks.
What does Fannie Mae stand for?
Fannie Mae stands for Federal National Mortgage Association.
Is Fannie Mae a government agency?
Fannie Mae is not a government agency, but the government supports it.
How can I fill out a Fannie Mae loan application?
You can visit Fannie Mae's website to get more information on its standard loan form.
Does everyone quality for Fannie Mae?
No — although Fannie Mae's focus is on low- to middle-income homebuyers or renters, its borrowers must also meet some credit score requirements.

Is Fannie Mae good?

Although there aren’t many institutions to compare Fannie Mae to, it's a notable leader in the homebuying and rental market. Fannie Mae stimulates the market so there’s more money available for potential buyers. It also specializes in mortgage refinancing and low down payment options. If you need help refinancing your mortgage or finding a more affordable loan to help you buy a home, Fannie Mae is a good place to start.

Fannie Mae Reviews

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Page 1 Reviews 0 - 10
Rated with 1 star
Verified Reviewer
Original review: Feb. 2, 2022

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.

Calling their 1-800 number gets you no help as the person online has no access to the documents you uploaded. Discover Bank calls their checking account "Cashback Debit" which according to Fannie Mae is not a debit card account and not a checking account. The last time I checked most checking accounts come with a debit card. Documents were uploaded 4 times after which time I told them to cancel the application as I don't want to be associated with such a dysfunctional company. Your loss, not mine!

2 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Jan. 4, 2022

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.

So thank you Fannie Mae! I'm now stuck with a service provider I don't know, want, or trust with my livelihood, aka HOME! It's things like this that really get people upset. We're human beings, not just numbers on a spread sheet for you slosh around because you have to make up for whatever investment failures you incur. If I could give you ZERO stars I would.

4 people found this review helpful

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    Rated with 1 star
    Verified Reviewer
    Original review: Aug. 28, 2021

    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.

    3 people found this review helpful
    Rated with 4 stars
    Verified Reviewer
    Original review: April 29, 2021

    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.

    4 people found this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: April 14, 2021

    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.

    5 people found this review helpful
    Rated with 5 stars
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    Verified Reviewer
    Original review: March 4, 2021

    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.

    3 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Oct. 23, 2020

    We bought a house through foreclosure, we are a first time home buyer and knew we would have made mistakes but this wasn’t what we expected. After we got in the deal we realized they had remodeled the house but it was cheaply done so we had planned one project a year. First off, the floor was hollow as they didn’t put the liner below, two months later we were sleeping only to hear a loud crash. This was the entire kitchen cupboard. Fell to pieces on the floor. I was so scared cause I have a 9 year old who could have been in the kitchen that morning, thank God she wasn’t. The bathroom is horrible, everything was cheaply and poorly done. PLEASE STAY AWAY from FANNIE MAE properties.

    9 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: June 9, 2020

    My husband and I had a closing date, contract, and paid an appraisal fee for a Fannie Mae Homepath house. They went and sold the house for cash to someone else. We are contacting an attorney to fight it. Terrible business!!

    10 people found this review helpful
    Rated with 1 star
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    Verified Reviewer
    Original review: April 18, 2020

    I was buying a foreclosed from Wells Fargo through Bbt. The home was originally financed through Fannie Mae. While during the closing process and 2 weeks away somehow Wells Fargo proceeded with foreclosure of the home and auctioned it off to Fannie mae with no warning of auction nor any posting of auction date. After I got the home inspected and got a pest inspection and treatment for $700 they sold it to Fannie mae.

    Now that wells fargo and Fannie mae knows what happened they still find no wrong and Fannie mae is now putting work into the home so they can up the price of the sale of the home. Fannie mae still wont just let me buy the home as I was continuing to do even though it is ready to close ad has been since Jan 10th, Wells fargo went ahead with the sale of the home to fannie mae with no competition on Dec 11. I alerted Wells fargo throughout the closing process and they still went forward with the sale. No auction date was put on the home and wells Fargo keep saying there is no redemption laws in Virginia which is their reason for continuing the sale without guilt.

    6 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 21, 2020

    Put in a bid over list price on HomePath property. Fannie Mae put property into multiple bid. I placed much higher bid 1 hour from deadline. FM accepted bid that was $350 higher as "highest and best". That bid was entered after mine, and placed by another agent in the listing agent's real estate office. Fannie Mae refused to release details on the bids or timing. Claim that they "investigated" and found no evidence of wrongdoing in the process. Fannie Mae property sales process is tainted. They should be made to adhere to the Freedom of Information Act, as was attempted in House Bill HR 1694 2017, which was not taken up by the US Senate.

    15 people found this review helpful
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    Fannie Mae Company Information

    Company Name:
    Fannie Mae