• Am I qualified for a mortgage recast?
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The following conditions are required for mortgage recast eligibility:

  1. The loan must be conventional.
  2. Either Fannie Mae or Freddie Mac must be an investor on the loan, and the investor must allow recast modifications.
  3. The account cannot have a scheduled service release. If the account does have a scheduled service release, the customer should contact the new investor for recast guidelines.
  4. The contribution amount must meet or exceed the minimum requirement of 10% of the current account balance.
  5. The loan may not have had a previous modification.
  6. The account may not be currently active in bankruptcy.
  7. The account may not be currently delinquent.
  8. The loan may not be interest-only. During a loan’s interest-only period, it’s not necessary to request a re-amortization of the account.
  9. In the case of an Adjustable Rate Mortgage (ARM), there may not be an interest rate change scheduled sooner than 6 months.

To find out if Fannie Mae owns your loan, use the Fannie Mae Loan Lookup tool. To find out if Freddie Mac owns your loan, use the Freddie Mac Loan Look-up Tool.