Is Fannie Mae Ever Going To Make Money
Nigh Fannie Mae
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Fannie Mae is a regime-endorsed mortgage provider that specializes in helping middle- and low-income families notice affordable home loans. It besides has a refinancing program, and its website includes resource related to affordable housing and habitation purchasing.
Overall Satisfaction Rating
- 5 stars
- 4 stars
- 3 stars
- 2 stars
- one stars
Pros
- Helps you find affordable housing
- Lots of resource
- Refinancing options
- Affordable loans by canonical lenders
Cons
- No live chat
- Confusing website
Bottom Line
Fannie Mae provides fairly affordable mortgages for middle- to low-income families. Its website is a fleck confusing, but it has some helpful resources. It might be ideal if you lot can't find a loan elsewhere.
Fannie Mae Reviews
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Page 1 Reviews 0 - 10
Yard. of Minneapolis, MN Verified Reviewer
Original review: February. ii, 2022
I take a credit score over 800 and applied for a Fannie Mae menu. 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 argument equally office of the initial awarding process. The visitor then sent seven automated emails stating they needed documents to exist uploaded just give no specific reason why the previously uploaded documents were incorrect.
Calling their one-800 number gets you no help every bit the person online has no access to the documents you uploaded. Discover Bank calls their checking business relationship "Cashback Debit" which according to Fannie Mae is not a debit card account and non a checking account. The last time I checked most checking accounts come up with a debit card. Documents were uploaded 4 times after which time I told them to cancel the application every bit I don't want to be associated with such a dysfunctional company. Your loss, not mine!
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Aaron of Oakland, CA Verified Reviewer
Original review: Jan. 4, 2022
These people volition transfer your loan over to any old service provider they desire, no matter how sketchy they appear. I accept been doing concern with American Pacific Mortgage, and have refinanced with them, over several years at present but to detect out that my service provider had been transferred to a visitor called "Mr Cooper" whose mailings look very much like spam that we homeowners receive constantly. Come to observe out what I thought was spam was my new service provider, all the while I'm making payments to my old one. Later some calling around I notice out Fannie Mae can snap their fingers and transfer your loan (and therefore livelihood) to anyone they want, but when asked to transfer back? Tin't do it! Not without yous having to go through another circular 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 Habitation! It's things like this that really go people upset. We're human beings, not just numbers on a spread sheet for y'all slosh effectually because you have to brand up for whatever investment failures you incur. If I could give you Aught stars I would.
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Vicki of Mesa, AZ Verified Reviewer
Original review: Aug. 28, 2021
I went to Fannie Mae from a good resource. But but to find out that within a few weeks my mortgage was sold to prime number lending so 1 yr later sold to Nationstar. Inside a year I had 3 unlike mortgage Co. They cease letting these mortgage Co buy them out so many times. Practice not recommend this visitor.
Lawrence of Conyers, GA Verified Reviewer
Original review: Apr 29, 2021
Fannie Mae tin can be a cumbersome loan procedure, simply they practice provide quality service upon completion. They are very tedious virtually the documentation needed, as nearly are, just they're overall service-related resources are unmatched.
The Homeready And Home Possibl of Colfax, North Carolina Verified Reviewer
Original review: Apr fourteen, 2021
As a Housing Counselor, I am aware of the Habitation Prepare and Home Possible loans offered by Fannie Mae and Freddie Mac which crave a 3% downwards payment that tin 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 Abode Ready and Dwelling house Possible loans besides allow for alternate credit reporting, while the FHA does not.
Cherrie of Spokane, WA Verified Reviewer
Original review: March 4, 2021
I refinanced with Fannie Mae through my credit matrimony merely so had many other people. It took over 90 days but in the end information technology saved me almost $200. Easy to sign all the concluding papers. Very happy with the terminate issue.
Nikita of Fort Lauderdale, FL Verified Reviewer
Original review: October. 23, 2020
We bought a business firm through foreclosure, nosotros are a first fourth dimension home buyer and knew we would have made mistakes but this wasn't what we expected. Afterward we got in the bargain we realized they had remodeled the business firm but it was cheaply done so we had planned i project a year. First off, the floor was hollow as they didn't put the liner below, 2 months later we were sleeping but to hear a loud crash. This was the entire kitchen cupboard. Cruel to pieces on the floor. I was so scared crusade I have a 9 year one-time who could have been in the kitchen that morning, thank God she wasn't. The bathroom is horrible, everything was cheaply and poorly washed. Please STAY AWAY from FANNIE MAE properties.
Rachael of Newark, OH Verified Reviewer
Original review: June ix, 2020
My married man 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 chaser to fight information technology. Terrible business!!
ADIB of Penhook, VA Verified Reviewer
Original review: April 18, 2020
I was ownership a foreclosed from Wells Fargo through Bbt. The habitation was originally financed through Fannie Mae. While during the closing process and 2 weeks away somehow Wells Fargo proceeded with foreclosure of the dwelling and auctioned it off to Fannie mae with no warning of auction nor any posting of sale 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 observe no wrong and Fannie mae is at present putting piece of work into the domicile and so they can up the toll of the sale of the habitation. Fannie mae nevertheless wont but allow me buy the habitation as I was continuing to practise even though it is ready to shut advert has been since Jan 10th, Wells fargo went alee with the sale of the dwelling to fannie mae with no competition on Dec eleven. I alerted Wells fargo throughout the closing process and they still went forward with the sale. No auction date was put on the dwelling and wells Fargo keep saying at that place is no redemption laws in Virginia which is their reason for continuing the sale without guilt.
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Edward of Williamsport, PA 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 ane hour from deadline. FM accepted bid that was $350 college every bit "highest and best". That bid was entered afterward 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. Merits that they "investigated" and found no evidence of wrongdoing in the process. Fannie Mae holding sales process is tainted. They should be made to adhere to the Liberty of Data Act, as was attempted in Firm Nib Hr 1694 2017, which was not taken upwardly past the The states Senate.
Source: https://www.consumeraffairs.com/finance/fannie-mae.html
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