Here are the eligibility requirements for both GSEs. The two carry a lot of resemblances. 

Freddie Mac eligibility requirements:

  • Only an existing Freddie Mac mortgage may be refinanced to a new Freddie Mac mortgage.
  • The LTV for the new mortgage must exceed the maximum LTV limit for a Freddie Mac No Cash-out Refinance
  • Mortgage.
  • At least 12 monthly payments must have been made on the mortgage being refinanced since its acquisition by Freddie Mac.
  • Borrowers must be current with their payments and have:
    • No 30-day delinquencies in the most recent six months
    • No more than one 30-day delinquency in the past 12 months.
  • The mortgage being refinanced must not have been previously delivered as a Freddie Mac Relief Refinance Mortgage.
  • Borrowers can refinance, using the high LTV refinance offering, more than once as long as all other requirements including seasoning are met.
  • Mortgage insurance can be transferred to the new loan. If MI is not in place for the loan being 
refinanced, it is not required for the new loan if all other eligibility requirements are met. 

Fannie Mae eligibility requirements:

  • Only an existing Fannie Mae mortgage may be refinanced to a new Fannie Mae mortgage.
  • The LTV for the new mortgage must exceed the maximum LTV for a Fannie Mae limited cash-out
  • refinance.
  • At least 12 monthly payments must have been made on the mortgage being refinanced since its
  • acquisition by Fannie Mae.
  • Borrowers must be current with their payments and have:
    • No 30-day delinquencies in the most recent six months, and
    • No more than one 30-day delinquency in the past 12 months.
  • The mortgage being refinanced must not have been previously delivered as a Fannie Mae Refi Plus (Desktop Underwriter or manual) mortgage.
  • Borrowers can refinance, using the high LTV refinance options, more than once as long as all other requirements, including seasoning, are met.
  • Mortgage insurance can be transferred to the new loan. If MI is not in place for the loan being refinanced, it is not required for the new loan if all other eligibility requirements are met.