Freddie Mac was authorized by Congress in 1970 to provide secondary mortgage market support for conventional mortgages originated by Savings & Loan Associations (currently know as Savings Associations) and was a private corporation.  Today, Freddie Mac also supplies support for banks and other institutions and is a publicly owned corporation.

Freddie Mac will purchase mortgages that are secured by residential properties in urban, suburban, or rural areas. These can be 1 to 4 family units and may be either owner occupied, second homes, or investment properties.  They will not purchase mortgages on agricultural type properties such as farms, orchards, or ranches, or on undeveloped land or on land development-type properties. They also do not purchase loans that are underwritten or secured by FHA or VA

Like Fannie Mae loans, Freddie Mac loans are underwritten to specific guidelines very similar to those of Fannie Mae and your loan officer and lending institution are aware of the items needed to meet their guidelines. Almost all lending institutions sell their loans to either Fannie Mae or Freddie Mac but many will retain the servicing

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