Profile picture for adridi

Can I still refinance under Obama plan if my loan is not backed by Fannie Mae?

I asked my lender (First Horizon) about who's backing my loan and they said "Bank of New York", however in order to qualify for refinancing under the Obama housing plan I was reading in Zillow that my loan has to be backed by Fannie and Mae.

I never thought such info will be important and dont know what's the difference between both banks as Bank of New York is a Federal bank as well.


  • February 26 2009 - Novato
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Answers (5)

Best Answer

Bank of New York "Funded" the loan but you will want to ask the broker if it was "securitized" by Fannie or Freddie.
  • February 26 2009
  • 2Yes

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Profile picture for loanm8kr
You can check online:  Go to this website for to links to Fannie and Freddie property search by address:  www.makinghomeaffordable.com
  • April 24 2009
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Profile picture for sdov
Adridi,

To qualify y9our loan must be either owned or guaranteed by Freddie or Fannie.For instance, the Fannie Mae program is called DU Refi Plus. It allows a borrower to refinance up to 105% LTV. You must still qualify for the loan showing you can make the new payments.However, the one nice thing about the program is that if your original loan did not have MI or mortgage insurance, but your LTV today is above 80%, you still do not need MI.
  • April 24 2009
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Yes, David is correct; it may be backed/securitized by Fannie or Freddie without your knowing, in which case Obama's plan will be right for you. [content removed for being self promotional]
  • February 27 2009
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I believe it does have to be a Fannie/Freddie loan to qualify.
  • February 26 2009
  • 1Yes

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