Freddie Mac and Fannie Mae are both conventional lenders. They each have their own set of guidelines to be followed. Below are the required LTV ratio's for Rate and Term Refinances, from both of these guidelines. The LTV ratios for a rate and term refinance are according to current appraised value of the property.

This includes refinancing private, hard money and rehab liens on the property. 

Freddie Mac - min credit score: 620 - for up to 6 mortgaged properties.

Fannie Mae - min credit score: 620 - for up to 4 mortgaged properties, & a Min credit score: 720 - 5-10 mortgaged properties

THESE ARE FOR MORTGAGED Properties 1-6; For Freddie Mac, a Rate and Term Refinance for a Primary Residence;

• 95% for 1 unit
• 80% LTV for 2-4 units

THESE ARE FOR MORTGAGED Properties 1-4; For Fannie Mae, a Rate and Term Refinance for a Primary Residence;

• 1 unit - 95%
• 2 unit - 85%
• 3-4 unit is 75%

THESE ARE FOR MORTGAGED Properties 1-6; For Freddie Mac, a Rate and Term Refinance for an Investment Residence;

• 75% for 1-4 Units..... Up to 6 mortgaged properties allowed.

THESE ARE FOR MORTGAGED Properties 1-4; For Fannie Mae, a Rate and Term Refinance for a Investment Residence;

75% for 1-4 Units

7-10 Mortgaged Properties; For Fannie Mae, a Rate and Term Refinance for an Investment Residence;

75% for 1 Units

70% for 2-4 Units

Fannie Mae Guideline for Rate & Term, Mortgaged Property 1-4.

Fannie Mae Guideline for Rate & Term, Mortgaged Property 5-10.

Freddie Mac Guideline for Rate & Term.

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