With Single-Family Seller/Servicer Guide Bulletin 2018-7, we’re making changes to further support first-time homebuyers, provide greater access to credit and opportunities to simplify loan origination. The Bulletin announces the following updates:
- Introduces Freddie Mac HomeOneSM mortgage, a new low down payment option for first-time homebuyers.
- Revises income limit requirements for Home Possible® mortgages to focus on serving low- and moderate-income borrowers.
- Announces enhancements to Loan Product Advisor® to assess eligible Home Possible mortgages against the previous and current area median income limits.
- Allows the use of integrated construction conversion documentation for a construction conversion mortgage secured by a manufactured home.
- Automates the process for Warehouse Lenders to release and transfer their interest in pledged mortgages through Loan Selling AdvisorSM.
Please review additional Guide updates that may be important for your business.
For More Information
- Guide Bulletin 2018-7
- HomeOne fact sheet
- HomeOne webinar and self-paced learning video clip
- Article on manufactured homes with a construction conversion mortgage
- Warehouse Financing Arrangements web page
- Contact your Freddie Mac representative