Mortgage Navigator • Conventional • Agency Comparison
Fannie Mae vs. Freddie Mac: same market, different rulebooks.
Most borrowers do not need to memorize the agencies. Their loan officer does need to know when moving a file from one agency to the other can change the answer.
| Topic | Fannie Mae | Freddie Mac | Why it matters |
|---|---|---|---|
| Automated underwriting | Desktop Underwriter (DU) | Loan Product Advisor (LPA) | Different risk models can produce different results on the same borrower. |
| AUS minimum credit score | No minimum credit score required for DU loan casefiles. | No minimum Indicator Score required for LPA Accept mortgages. | A borrower below the old 620 shorthand may still receive an eligible AUS result. |
| Affordable product | HomeReady | Home Possible | Both target qualifying lower-income borrowers, but execution details differ. |
| Standard 3% down path | Standard 97% LTV option subject to eligibility. | HomeOne is Freddie's first-time-buyer 3% down path outside Home Possible. | First-time status and product selection can matter. |
| Guide authority | Fannie Mae Selling Guide | Freddie Mac Single-Family Seller/Servicer Guide | Do not assume a Fannie rule automatically applies to Freddie. |
The MortgageDadOf3 approach
We will not create duplicate Fannie and Freddie articles when the answer is effectively the same. Each conventional article will instead include a clearly marked agency comparison when the difference could change qualification, documentation or the transaction.
Question we will ask throughout this library: “If this does not work under one agency, could the other agency solve it?”
Still not a guarantee: an AUS approval is only one part of eligibility. The loan must also satisfy the agency guide, product terms, property requirements, mortgage insurance when applicable and the lender's own overlays.
Official sources
Fannie Mae Selling Guide · Freddie Mac Seller/Servicer Guide · FHFA Conforming Loan Limits
Agency guides control over summaries. Lender and mortgage-insurer overlays can be more restrictive.