Freddie Mac Loan Questions

[Kris Calhoun]

I am doing research on refinance loans and am curious about Freddie Mac lenders.  Do certain lenders go to Freddie Mac to sell their loans and not fannie mae?  Are there a list of lenders who solely deal with Freddie Mac? 

I believe I need my loan to be run through the Freddie Mac Loan Prospector program.  Here is why I believe that.  As I am self employed (same job title) for 2 years, but I am looking for a lender to loan against my 2nd year of tax returns as my AGI is significantly higher in the 2nd year.

If anyone can shed light on this that would be great.  Let me know if further info is necessary to answer my questions.  Thanks

[Jay Hurst]

Most lenders can choose to either run DU (Fannie Mae) or LP (Freddie Mac) with very slight pricing differences. However, Freddie recently changed their guideline to now require 2 years of tax returns unless the business you are deriving the self employment income has been in existence at least five years. So, unless your business has been around five years you would still need to provide two years of filed tax returns that would averaged. You can see the change starting at the bottom of page two on the link below:

That being said, there are portfolio products that might work for you as a sort of bridge until you are able to qualify for a conventional product depending on the rest of your file.