Find out HERE if your loan is owned by Fannie or Freddie

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There are amazing refinance opportunities at my fingertips for many clients who would otherwise not qualify for today’s great rates.  This is part of the Economic Stimulus plan that is actually helping plenty of my clients to save money at a time when every penny counts.  One major factor is to find out if Fannie Mae or Freddie Mac owns your current first mortgage by using these simple online search tools.

To see if  FANNIE MAE owns your loan click on this link;

http://loanlookup.fanniemae.com/loanlookup/

To see if FREDDIE MAC owns your loan click on this link;

https://ww3.freddiemac.com/corporate/

Please contact me with the results you find and with any questions you may have.  This may be a great opportunity to save plenty of money by using our Government-Sponsored mortgage relief programs.

For more information read these previously posted articles;

Stimulus Refi’s to 125% Loan-to-Value

Brokers Now Offer Stimulus Refi’s With Freddie Mac Loans

Excerpt from previous post in March 2009…

President Obama’s eagerly anticipated foreclosure prevention program went into effect. It targets 9 million borrowers for help – are you one of them?

The $75 billion effort, dubbed the Homeowner Affordability and Stability Plan, boils down to two basic solutions:

First, the government is aiming to help more homeowners refinance their first mortgages into new low interest rates.  Second, it provides incentives to lenders and servicers to restructure your mortgage to more affordable levels.
Help for those seeking refinancing

This part of the program targets borrowers who have kept current on their mortgages. Many in this group have been unable to lower their housing costs through refinancings because of falling home prices.

Right now, if you’re “underwater” on your mortgage, meaning you owe more than the home’s market value, forget about qualifying for a refi. In fact, having 20% or less equity in your home makes refinancing almost impossible, unless you’re using an FHA loan or qualify for Mortgage Insurance which is harder to qualify for than the loan itself.

The new guidelines should help. Even homeowners with a mortgage that exceeds home value by 125% could be eligible, even if another 2nd mortgage exists on top of this figure. And there will be no prepayment penalties. But your loan must be owned by Fannie Mae or Freddie Mac.

Since lenders working with Fannie and Freddie already have most of the borrower documentation they need, the refinance process should go quickly. And, in some cases, lenders may not need to reappraise properties because borrowers cannot take cash out on these transactions; they’re only allowed to refinance the balance they owe.

The Administration estimates that this program, which will be in effect until June 2010, will help 5 million homeowners.

All borrowers will have to prove they have sufficient income to be able to keep up their loan payments and credit scores play a critical role in determining the rate you will receive.

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