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

  • December 03 2012 - US
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Answers (1)

Guidelines are very similar, but participation varies.   Fannie Mae HARP is much easier to find a lender for while Freddie Mac is more of a challenge.

One other distinction is Freddie Mac will only allow financing of 5,000 (or 4% of loan amount whichever is lower) above the payoff (principal + interest), where Fannie Mae has no restriction, so this can affect cash needed to close in certain situations.

The approval decisions also vary, Fannie Mae assigns different levels of approvals and many lenders will only offer the loan with the highest level.  Freddie Mac either says Yes or No without levels.   Initially it would say No more frequently but recent changes have improved that.

These are just a few of the minor differences, if you are looking into HARP loan all that really matters is which one of the two own your loan, you don't hhave a choice which to apply for, you apply for whichever one you are eligible for.
  • December 03 2012
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