How to Apply for a Fannie Mae Housing Loan
- 1). Fill out a Uniform Residential Loan Application. "A lender may accept applications taken during a face-to-face interview, over the telephone, through the mail, or via the Internet," eFannieMae.com notes.
- 2). Identify the type of mortgage, such as conventional or USDA/rural, and the terms of the loan, such as fixed or graduated payment mortgage (GPM). Enter the loan amount and interest rate.
- 3). State the purpose of the Fannie Mae loan and provide property information. For example, the purpose of your Fannie Mae loan may be purchase or re-finance of a primary, secondary or investment property. Describe the property, including costs and title holders.
- 4). Identify yourself and any co-borrowers. Enter your name and your co-borrower's name. You must provide each borrower's Social Security number, date of birth, mailing address, marital status and number of dependents.
- 5). Provide a record of employment. To qualify for a Fannie Mae loan, you and your co-borrower must have existing employment and monthly income, which may be obtained through self-employment.
- 6). Itemize your monthly income and combined housing expenses. You must show that your expenses do not exceed your income. A lower debt-to-income ratio may improve your chances of qualifying for a Fannie Mae housing loan.
- 7). Itemize your assets and liabilities. An asset is an item that may be converted into cash, such as an automobile or real estate property. A liability is an item on which you owe a debt obligation.
- 8). Make final declarations, such as whether you have had judgments against you or have declared bankruptcy in the past seven years. You and your co-borrower must each make these declarations directly on the form.
- 9). Sign your Fannie Mae loan application and ensure that your co-borrower signs it. Check your application for completeness. Failure to provide the required information may result in delays.
