Online Tools Help Homeowners Find if They Have a Fannie or Freddie Mortgage

Borrowers who would like to refinance their homes but aren't sure if they have a Fannie Mae or Freddie Mac mortgage needed to qualify for the government's new Making Home Affordable mortgage relief program now have an easy way to get their answer.

The two government-sponsored lenders have added tools to their respective web sites that allow homeowners to immediately find out if they have a Fannie Mae or Freddie Mac mortgage. In the case of Fannie Mae, all a borrower need do is enter the full address of the house and confirm that they are the property owner, and the web site will immediately check if the address against Fannie Mae records. The Freddie Mac site has a similar tool, but additional information is required.

The web tools provide a major convenience to financially stressed homeowners, because only Fannie Mae and Freddie Mac loans are eligible for refinancing under the government's new Making Home Affordable Plan. Homeowners with other mortgages may still be able to obtain a mortgage modification under the program, however.

The Home Affordable Refinancing option is intended to enable financially stressed homeowners with a Fannie Mae or Freddie Mac mortgage to refinance their homes at a lower interest rate. To qualify, homeowners must be current on their mortgages and owe no more than 105 percent of the current market value of their home. The home must be their primary residence, although owner-occupants of up to four unit homes may qualify as well. Other considerations may apply as well.

Homeowners who do not qualify for the refinancing option may still be able to obtain relief through the Home Affordable Modification option, which may be able to provide assistance in reducing mortgage payments for financially stressed homeowners.

The Fannie Mae and Freddie Mac home mortgage lookup tools are available on the lenders' respective Web sites, www.fanniemae.com and www.freddiemac.com. Information on both refinancing and mortgage modification under the government's Making Home Affordable Plan is available through the Plan's web site, http://makinghomeaffordable.gov.