Fannie Mae Reviews

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.

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.

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.

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.

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.

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.

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.

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!!

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.

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.