It can be a non-Fannie or Freddie loan and still be eligible, which is great for those that did not get a conventional loan because they did not qualify but will qualify now. If you make more than the allowed amount, the Fannie Mae program may be a better choice for you.Īnother difference between the Freddie Mac and Fannie Programs is that Freddie Mac does not require that the loan be backed by Freddie Mac in order for you to refinance. Freddie Mac offers a guideline of the average income in every area, making it easy to determine if you would qualify. In general, you cannot make more than 100% of the average income in your area. For Freddie Mac there are maximum amounts allowed. The difference with the Freddie Mac 97% LTV refinance and the Fannie Mae 97% refinance is the amount of income that is allowed. The Freddie Mac program only works on primary properties, but is a great tool to save money on the home you live in, making it easier to afford investment properties or second homes. With HARP®, you can refinance a primary, secondary, or investment property, making it easier for everyone to refinance their home. This is the largest difference between the Freddie Mac program and HARP®.
Your property must be owner occupied, which means you must live there. Qualifying for the Freddie Mac Home Possible Advantage Refinance is simple. The main reason people use this loan is to lower their payment by refinancing into today’s lower rates.Ĭlick here to see if you qualify! How do you Qualify? This loan offers the same advantages of HARP® for those homeowners that purchased their home after May of 2009, which would render you ineligible for a HARP® refinance. Are you looking to refinance your mortgage to take advantage of today’s low rates, but do not have a lot of equity in your home and are not eligible for HARP®? Theįreddie Mac Home Advantage Refinance could be a good option for you.
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