Fannie Mae Mortgage

Wolverine State Credit Union proudly offers Fannie Mae mortgage options for you. Fannie Mae mortgages allow borrowers to have a down payment as low as 3%. These products are available in 30, 20, 15, 10 – year terms on primary, secondary and investment properties. Contact a Mortgage Officer today for rate quotes and pre-approvals!

Benefits of Fannie Mae Mortgages:

  • Pre-qualifications and Pre-approvals available
  • Secure and convenient online application
  • Experienced mortgage team
  • Low closing costs
  • Escrow accounts for taxes and insurance
  • Pay at local area branches or through shared branching

Fannie Mae Mortgage FAQ’s

Do I need to have a down payment?

Yes, Fannie Mae mortgages require a down payment, but these are much lower than a traditional mortgage with a loan-to-value up to 97%. Which means you would only need to bring 3% of the purchase price + closing costs for a down payment in most cases. If you don’t have funds for a down payment, check out our Rural Development mortgage.

Does my property need to be my primary residence?

No! Fannie Mae allows for primary, secondary and investment properties to be financed.

How can I improve my chances of mortgage approval?

Having a good credit score, consistent payment history and good job history on your application greatly affects whether you are approved or not. A great credit score, down payment and lower debt-to-income ratio will earn you a lower interest rate with Fannie Mae products, as rates vary.

Will Fannie Mae allow mortgages on manufactured homes?

Yes! Fannie Mae allows mortgages on manufactured homes, as long as they are a primary or secondary residence, were built after June 15th 1976 and are attached to a permanent foundation. Fannie Mae also requires a minimum down payment of 5% on manufactured homes. This is a general rule and additional conditions may apply.

How do I get pre-approved for a home loan?

After you apply online, your application along with the documentation you provide, will give us the information we need to issue a pre-approval letter. This letter will be requested by most realtors before you start the home shopping process.


Contact a member of our mortgage team to set up a time for an in-person application. Call: 989-356-1880 or Email:

What is an escrow account?

Escrow accounts are non-interest-bearing savings accounts that are tied directly to your mortgage. Escrow accounts are used to pay your homeowner’s insurance, property taxes and in some cases private mortgage insurance (PMI) by the credit union on your behalf.

Why do my disclosures have prepaids on them?

Prepaid items are most often used on purchase transactions but are occasionally required on refinance transactions. These items include the first year’s policy for homeowners’ insurance, summer/winter taxes if they are due or coming due and prepaid interest from the closing date to the first of the following month.