Frequently Asked Questions
Who is Fannie Mae?
Fannie Mae provides funding to mortgage lenders in the secondary mortgage market. This means that we don’t provide home loans directly to consumers. Instead, we buy loans from lenders to help free up funds for them to continue offering mortgages. Learn more here.
Fannie Mae and Freddie Mac are different companies that do the same type of business. We’re both government-sponsored enterprises (GSEs) that buy home loans from lenders. We do this to help lenders maintain steady access to funds so they can provide affordable mortgages to home buyers. Learn more here.
One of the quickest ways to find out if you have a Fannie Mae mortgage is with the Loan Lookup Tool. Simply enter your information and follow the options on your results page.
Homebuying & Homeownership
The amount will depend on your situation. Many buyers need enough money to cover a down payment (that can be as low as 3% of the purchase price) and closing costs (typically between 2 and 5% of the purchase price). Talk to your lender about affordable mortgage options with low down payments and closing costs to determine what may work best for you.
Down payment assistance programs vary depending on a range of factors like where you live (state, city, county), the type of home you plan to buy, your profession (e.g., military, educators, police officers, etc.), income, and whether you plan to live in the home as your primary residence, etc. Search DownPaymentResource.com to see what may be available specifically for you. Also, ask your real estate agent and lender about programs they may know about.
Home renovations can be financed with a home equity line of credit (HELOC), a second mortgage, or loans created specifically for home renovations. Check out the FHA 203k and HomeStyle Renovation mortgages and then talk with a lender about the best options for you.
What should I do if I acquire an ownership interest in a property through death, divorce, or legal separation?
Contact your mortgage servicer as soon as possible. Your servicer can help you adjust to these events and tell you where to send the mortgage payments. They’ll work with you to confirm your identity and ownership interest in the property, and to discuss next steps. The Consumer Financial Protection Bureau (CFPB) also has helpful information on this topic.
There are different resources and options available to help homeowners prevent foreclosure. Start by contacting your mortgage company to explain your situation and discuss specific options that may work for you. You can also talk with a HUD-approved housing counselor or if your loan is owned by Fannie Mae, you can request assistance from our Mortgage Help Network. All services offered by the Fannie Mae Mortgage Help Network are FREE. Click here to learn more, including how to find out if you have a Fannie Mae-owned loan and how to request help.
Contact your mortgage company as soon as you can—even if you haven't missed a payment but think you might in the near future. Find contact information for your mortgage company in your mortgage coupon book or monthly statement or click here to search for your mortgage company.
The sooner you call your mortgage company, a housing counselor or the Fannie Mae Mortgage Help Network, the more options may be available to help you avoid foreclosure. Be sure to review possible options so you can have an informed discussion with your mortgage company. Contact information is on your monthly mortgage statement or coupon book. If you’re unable to reach your mortgage company or prefer speaking with a housing counselor, contact Clearpoint Credit Counseling Solutions, a HUD-approved counseling agency, at 800-750-2227.
Visit our disaster relief page for helpful information. If you've been affected by a disaster and live or work in a FEMA-declared zone, you can also contact our Disaster Response Network at 877-833-1746 to request free help with your mortgage, FEMA claims, insurance claims, and more.
If you've been affected by a disaster and live or work in a FEMA-declared zone, visit our disaster relief page for helpful information on disaster recovery. You can also contact our Disaster Response Network at 877-833-1746 to request free help with your mortgage, FEMA claims, insurance claims, and more.
Energy efficiency is broad—ranging from small improvements like installing energy-saving light bulbs to major upgrades like home insulation, high-efficiency appliances, double- and triple-pane windows, or a new HVAC. Energy efficiency is worth thinking about—and caring about—because it helps you provide your family with a healthier, more comfortable home while maintaining a more consistent energy bill.
Energy and water efficiency can be improved by making small changes like installing a programmable thermostat or low-flow showerheads and toilets. You can also take on larger projects like adding more home insulation, a new HVAC system or solar panels. Either way, prioritize what’s most-needed for your home and will give you the most savings over time. Click here for more tips.
There are several ways to pay for energy efficiency improvements, including our HomeStyle Energy Mortgage, on-bill financing through your utilities company, EE tax credits and rebates, solar panel financing, and more. Get all the information and links to resources at 6 Simple Ways to Finance Home Upgrades for Your Family’s Comfort & Health.