
Fannie Mae Reviews
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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.
Established in 1938, Fannie Mae is a well-known name in the mortgage industry. It’s a government-sponsored enterprise that does not originate loans, but rather purchases loans directly from banks and lending institutions. It also provides mortgage products that lenders can offer to the public. Fannie Mae is still under conservatorship with the Federal Housing Finance Agency after a near financial collapse in 2008.
- Creates opportunities for affordable housing
- Low-down-payment options
- Refinance products available
- Mixed reviews on its HomePath properties
- Products can be confusing to navigate
Fannie Mae details
Rates
Personal factors that determine your mortgage rate include:
- Your credit score: Borrowers with higher credit scores generally get lower annual percentage rates (APRs) on their loans. Many lenders will reject your loan application if your score is under 620.
- Your down payment: Minimum down payment requirements vary, but making a larger down payment can earn you a lower rate from many lenders.
- Your loan term: Shorter-term loans usually have lower interest rates.
- Your type of loan: Lenders often provide different rates for different types of loans, so it’s a good idea to check out all the loan options available to you.
Application process
- Affordable housing options: Through Fannie Mae’s HomePath program, homebuyers have the opportunity to purchase homes owned by Fannie Mae.
- Rent history assessment: One of the tools Fannie Mae offers to its lending partners is Desktop Underwriter. This underwriting system evaluates a loan applicant’s 12-month rent payment history (and other factors) to help the lender confirm whether it’s safe to loan them money.
- 3% down options: First-time and repeat homebuyers can qualify for down payments as low as 3% on a Fannie Mae’s HomeReady mortgage when they complete a homeownership education course. Fannie Mae’s HFA Preferred loans can also come with low down payment requirements.
Loan types
- HomeReady: A low down payment loan option for creditworthy, low-income buyers.
- HomeStyle Renovation: A mortgage that allows buyers to finance renovations through their home purchase or refinance loan. Renovations must be completed within 15 months of closing, though.
- HFA Preferred: A conventional loan for low- to moderate-income buyers that allows for down payments as low as 3%. Local housing finance agencies (HFAs) can use these loans to serve borrowers through their lending partners.
Refinancing
Fannie Mae has created RefiNow to benefit low-income homeowners who wish to take advantage of lower interest rates. Here’s what you need to qualify:
- A Fannie Mae-owned mortgage on your principal residence: To find out if Fannie Mae owns your loan, use the Loan Lookup tool on its website.
- Low income: You must have a current income at or below your area’s median income level.
- Good payment history: You cannot have missed a payment on your current home loan in the past six months, and you can’t have more than one missed payment in the past 12 months.
- Qualifying loan and debt ratios: Your current loan-to-value ratio must be 97% or less, and the debt-to-income ratio on your new loan must be 65% or less.
Requirements
National mortgage requirements by type
Min. credit score | Min. down payment | Compare with other lenders | |
---|---|---|---|
Conventional | Typically 620 | Typically 3% | Mortgage lenders |
FHA | 500 | 3.5% with 580 credit score | FHA lenders |
VA | Set by lender (often 580) | 0% | VA lenders |
USDA | Set by lender (often 640) | 0% | USDA lenders |
Cost and fees
- Appraisal fees
- Inspection fees
- Lender fees
- Title fees
- Insurance and taxes
Fees vary from lender to lender, which is why it’s important to know your closing costs before settling on a lender.
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FAQ
How does Fannie Mae work?
Since Fannie Mae is not a direct mortgage lender or broker, you will not be able to work with it to secure a new home loan. Instead, many lenders sell loans to Fannie Mae, which borrowers have little control over.
Is Fannie Mae legit?
Fannie Mae is a legitimate business created by Congress. It has been around a long time and introduced the fixed, 30-year mortgage to the U.S. market. Fannie Mae buys mortgages directly from banks and lenders, which frees up their capital to offer new loans.
Where is Fannie Mae available?
You can contact Fannie Mae by email or over the phone.
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- 4,644,750 reviews on ConsumerAffairs are verified.
- We require contact information to ensure our reviewers are real.
- We use intelligent software that helps us maintain the integrity of reviews.
- Our moderators read all reviews to verify quality and helpfulness.
Sources
- Federal Housing Finance Agency, “ FANNIE MAE AND FREDDIE MAC .” Accessed November 17, 2022.
Fannie Mae Company Information
- Company Name:
- Fannie Mae
- Website:
- www.fanniemae.com
