What are the differences between Fannie Mae and Freddie Mac HARP programs?

there are alot of difference however for you as a home owner what really matters is which one is the investor on your mortgage. on a HARP refi program you can only do the refinance with your investor specific guidelines.

There are major differences, but not one of them have to do with you directly.. Since both Fannie and Freddie are clearing houses for mortgage backed securities, the differences have to do with how the file is underwritten and what info is shared with the investor looking to purchase these securities... for you as a home owner, you need to know which one owns your loan.. And it's that insurer that you will need to use when you apply for a HARP loan... Fannie only does Fannie HARP loans, and Freddie only does Freddie HARP loans.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

The only difference that matters is which type of loan you already have. If your current loan is Freddie, then you can only get a Freddie HARP. Same for Fannie. There are HUGE differences in the programs. But it doesn't matter because you can't choose one over the other. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Only certain loans owned by Fannie are eligible for their program, only certain current Freddie owned mortgages are elitible for their HARP. Mortgages must have been purchased before June 1, 2009. Check if yours is eligible at https://www.knowyouroptions.com/loanlookup for Fannie or https://ww3.freddiemac.com/corporate/ for Freddie. FYI< Freddie loans are more difficult to get approved.

Everyone has replied to your email correctly but what you really might want to do is ask what it is you are looking for in the differences or why you want to know the differences because even though all have answered it correctly on our side, the mortgage side, there are a TON of differences on how the loans are structured, the guidelines used, and how they are underwritten.

There are many difference between the two. The first thing you will to do in order to be eligible for a HARP loan is to find out if your loan is Freddie or Fannie backed. Freddie Mac loan look up: https://ww3.freddiemac.com/corporate/Fannie Mae loan look up: https://www.knowyouroptions.com/loanlookupThe second thing you will want to do is verify if your mortgage was taken out before June 2009. If your loan is backed by either Freddie or Fannie and was taken out before June 9th, then I would recommend speaking to lender to see if you qualify.

There are major differences, but not one of them have to do with you directly.. Since both Fannie and Freddie are clearing houses for mortgage backed securities, the differences have to do with how the file is underwritten and what info is shared with the investor looking to purchase these securities... for you as a home owner, you need to know which one owns your loan.. And it's that insurer that you will need to use when you apply for a HARP loan... Fannie only does Fannie HARP loans, and Freddie only does Freddie HARP loans.. Andrew Alfonso 800 813 3291

Hello TBelmonet, I am licensed in Oregon. If I can be of assistance, or answer any of your specific questions, please let me know.Have a great day.Lorne