Freddie Mac Mortgage Guidelines

Freddie Mac Guidelines: The Mortgage Application (Form 65)

Form 65 is the standardized Uniform Residential Loan Application that all borrowers must complete to apply for a mortgage. It collects income, assets, debts, and employment information that lenders use to verify qualification and determine what documentation to request.

Freddie Mac Guidelines: Mortgage Advances and Consolidation

This guideline explains when lenders can advance additional funds on mortgages, how advances must be consolidated into a single loan, and the restrictions that apply once Fannie Mae purchases the loan.

Freddie Mac Guidelines: NY CEMA Refinancing for New York Properties

This guideline covers the origination and delivery requirements for New York Consolidation, Extension and Modification Agreement (NY CEMA) loans, which consolidate existing mortgage debt with new money into a single loan for refinances of New York properties. Lenders must use the current Form 3172 and provide specific documentation including a Consolidated Note and four exhibits.

Freddie Mac Guidelines: Uniform Mortgage Documents

This guideline explains the standardized mortgage documents required for Freddie Mac loans, including which forms are needed for different property types, version requirements, and special rules for adjustable-rate mortgages.

Freddie Mac Guidelines: Master Form and Short Form Security Instruments

This guideline explains how lenders in certain states use a two-part recording system where a Master Form Security Instrument establishes standard mortgage terms once, and Short Form instruments reference it for individual loans, reducing recording time and fees while ensuring consistency.

Freddie Mac Guidelines: Authorized Changes to Mortgage Documents

This guideline explains which modifications lenders can make to standardized mortgage documents and how they must be properly documented to maintain Fannie Mae's ability to purchase and service loans.

Freddie Mac Guidelines: Uniform Mortgage Documents and Requirements

Freddie Mac and Fannie Mae require all conforming loans to use standardized Uniform Instruments—legal documents that lenders can format but cannot modify in content. These documents are freely available from Freddie Mac's website and include special riders for condominiums and planned unit developments.

Freddie Mac Guidelines: Mortgage Document Signatures Required

This guideline specifies who must sign mortgage documents based on property ownership and income qualification, including requirements for promissory notes, security instruments, and state law considerations.

Freddie Mac Guidelines: Seller's Duties Regarding Uniform Instruments

Freddie Mac requires loan servicers to enforce mortgage rights strictly according to the terms in the original loan documents and Freddie Mac guidance, preventing servicers from taking independent enforcement actions that violate those terms.

Freddie Mac Guidelines: Security Instrument Execution and Recording

This guideline explains how mortgages must be properly signed, notarized, and recorded at the county level to establish a valid first lien on your property. It covers execution requirements, the recording process, MERS involvement, and state-specific variations that affect lien priority and enforceability.

Freddie Mac Guidelines: Due-on-Sale Provisions

Due-on-sale clauses require borrowers to pay off their mortgage in full when selling or transferring property, though certain family transfers and some ARM loans may be exempt. Understanding these provisions is critical for homeowners planning to sell or transfer their property.

Freddie Mac Guidelines: Investment Quality Mortgage Standards

Investment Quality Mortgages are the minimum standards every conventional loan must meet before Fannie Mae will purchase it from a lender. These standards require documented borrower repayment ability, adequate property security, and strict compliance with origination requirements.

Freddie Mac Guidelines: No Adverse Circumstances Affecting Mortgage Value

Lenders must disclose all known conditions—including condemnation proceedings, property defects, environmental hazards, and borrower credit issues—that could reduce a mortgage's value or marketability when selling to Freddie Mac.

Freddie Mac Guidelines: Primary Residence Mortgages

This guideline defines what qualifies as a primary residence mortgage, establishes occupancy requirements for borrowers, and outlines special circumstances and documentation needed for loan approval.

Freddie Mac Guidelines: Second Home Mortgage Requirements

This guideline establishes eligibility criteria, property limits, funding restrictions, and income calculation rules for borrowers purchasing second homes. Second homes must be occupied personally for some portion of the year and kept available primarily for personal use, with strict limits on the total number of financed properties a borrower can own.

Freddie Mac Guidelines: Investment Property Mortgages

This guideline covers the requirements for financing rental properties, including limits on the number of properties you can own, credit score thresholds, cash reserve requirements, and income calculation rules for investment property mortgages.

Freddie Mac Guidelines: Contaminated Sites and Loan Impact

Lenders must disclose known contaminated sites in a property's neighborhood to appraisers and document the site's location and potential impact on property marketability and loan investment quality.

Freddie Mac Guidelines: Escrow Accounts for Taxes and Insurance

This guideline explains when lenders must require escrow accounts, how lenders decide to waive escrow, and the evaluation criteria borrowers must meet to pay property taxes and insurance independently.

Freddie Mac Guidelines: First Lien Position and Mortgage Validity

This guideline establishes that mortgages must be valid first liens with no prior liens on the property, and cannot be modified after origination except in specific circumstances. Lenders verify clean title and legal enforceability before closing.

Freddie Mac Guidelines: Loan Amortization and Term Requirements

This guideline establishes that mortgages must fully amortize through regular monthly payments within 30 years maximum, with minimum terms exceeding 84 months, and first payments due within 62 days of loan funding.

Freddie Mac Guidelines: Closed Mortgages and Settlement Timing

This guideline establishes when mortgages must close and settle relative to the note date, with most loans requiring settlement within six months and additional requirements for loans settling after 120 days.

Freddie Mac Guidelines: Full Loan Disbursement and Fixed Principal Balance

This guideline requires that the entire loan amount be disbursed at closing with no option for future advances, and that the outstanding balance reported to Freddie Mac must match the lender's records exactly.

Freddie Mac Guidelines: Mortgage Not in Default

This guideline requires that mortgages be current with no 30+ day delinquencies, uncured defaults, or lender advances when sold to Freddie Mac. Payment history is reviewed from loan origination through funding date.

Freddie Mac Guidelines: Mortgage Assumption Requirements

This guideline explains how borrowers can assume an existing mortgage by taking over the original loan terms, but they must qualify under current underwriting standards and complete a formal written assumption agreement with lender approval.

Freddie Mac Guidelines: Wholesale Home Mortgages

Wholesale mortgages are loans originated by brokers or correspondents but sold to Fannie Mae by another lender, who assumes full responsibility for loan quality and compliance. Lenders must maintain management controls proportionate to their wholesale partner network.

Freddie Mac Guidelines: General Property Insurance Requirements

Property insurance must meet Freddie Mac requirements at closing and throughout the entire mortgage term, with adequate replacement cost coverage maintained continuously with no lapses.

Freddie Mac Guidelines: Legal Compliance and Regulation

This guideline explains the federal, state, and local legal requirements that all Freddie Mac mortgages must meet, including Qualified Mortgage standards, anti-predatory lending laws, and disclosure requirements that protect borrowers from abusive practices.

Freddie Mac Guidelines: Qualified Mortgage Standards and High-Cost Loan Rules

This guideline covers federal consumer protection rules that Fannie Mae enforces for conventional mortgages, including Qualified Mortgage standards, ability-to-repay requirements, points-and-fees caps, and restrictions on higher-priced and HOEPA loans.

Freddie Mac Guidelines: Prohibited Practices and Restrictions

Freddie Mac prohibits three predatory lending practices: prepaid single-premium credit insurance, private transfer fee covenants created after February 8, 2011, and mandatory arbitration clauses in mortgage documents. These restrictions protect borrowers from excessive fees and limit their legal rights.

Freddie Mac Guidelines: LTV Ratios and Maximum Loan Amounts

This guideline explains how loan-to-value ratios determine borrowing capacity and mortgage insurance requirements, with different limits based on property type, use, and underwriting method. It also covers the 2026 maximum conforming loan amounts.

Freddie Mac Guidelines: Mortgages with Secondary Financing

This guideline explains Freddie Mac's requirements for mortgages that include secondary financing such as second mortgages, HELOCs, or down payment assistance loans. It covers documentation, term requirements, payment rules, and special provisions for refinances and employer-assisted programs.

Freddie Mac Guidelines: Affordable Seconds for Down Payments

Affordable Seconds are second mortgages from approved lenders that help borrowers cover down payments and closing costs, with strict rules on funding sources, interest rates, and payment structures to ensure fair lending practices.

Freddie Mac Guidelines: Temporary Subsidy Buydown Plans

Temporary subsidy buydown plans allow borrowers to pay a reduced interest rate for up to 3 years, with funds deposited into an escrow account at closing. Borrowers must qualify at the full note rate, not the reduced buydown rate, and buydowns are unavailable for investment properties and cash-out refinances.

Freddie Mac Guidelines: Shared Equity Plans

Freddie Mac permits mortgages with shared equity plans where an owner-occupant and investor co-own a property, each contributing at least 5% down payment and qualifying individually. Strict requirements include a seven-year protection period against forced sales, written agreements, and prohibitions on transaction parties serving as investors.

Freddie Mac Guidelines: USDA Section 502 GRH Rural Housing Loans

Section 502 GRH mortgages are USDA-guaranteed loans for rural homebuyers that Fannie Mae can purchase from approved lenders. These loans offer no down payment options but must comply with both USDA and Fannie Mae requirements, with USDA regulations taking precedence.

Freddie Mac Guidelines: Home Possible with USDA RHS Leveraged Seconds

This guideline covers the combined Home Possible and USDA Rural Housing Service second mortgage program, which allows eligible rural homebuyers to finance up to 95% of a home's purchase price through a 50% LTV first mortgage paired with a subsidized USDA second mortgage.

Freddie Mac Guidelines: Section 184 Indian Housing Loans

Section 184 loans are government-guaranteed mortgages for Native American borrowers purchasing homes on tribal lands, with unique structural, documentation, and underwriting requirements that differ from conventional mortgages.

Freddie Mac Guidelines: FHA and VA Mortgage Sales

This guideline establishes requirements for lenders to sell FHA and VA mortgages to Freddie Mac in the secondary market, including loan type restrictions, loan amount caps, title insurance standards, and documentation requirements.

Freddie Mac Guidelines: GNMA-Repurchased Mortgages and Fannie Mae Sale

This guideline permits lenders to sell mortgages previously sold to GNMA back to Fannie Mae, provided the loans meet all current Fannie Mae underwriting standards at the time of resale. Prior GNMA involvement does not disqualify a mortgage from Fannie Mae purchase.

Freddie Mac Guidelines: Refinance Mortgages

This guideline covers the three types of refinance mortgages Freddie Mac purchases (no cash-out, cash-out, and special purpose cash-out), their definitions, documentation requirements, and underwriting standards that apply equally to refinances and purchase mortgages.

Freddie Mac Guidelines: Borrower Requirements for Refinance Mortgages

This guideline establishes who can refinance a mortgage, including original borrowers, family members with 12 months of payment history, inheritors, and those awarded property through court proceedings. It outlines required documentation to verify borrower eligibility and connection to the property.

Freddie Mac Guidelines: Refinance Practices and Lender Restrictions

This guideline establishes rules governing how lenders can market refinances, prohibits rapid refinance flipping to prevent borrower harm, and requires disclosure of refinance plans when selling loans to Freddie Mac.

Freddie Mac Guidelines: No Cash-Out Refinance Mortgages

A no cash-out refinance allows borrowers to replace their current mortgage with a new one while extracting minimal cash (up to 1% of loan amount or $2,000). Proceeds must primarily pay off the existing first mortgage and closing costs, with strict rules governing junior lien payoffs and documentation requirements.

Freddie Mac Guidelines: Cash-Out Refinance Mortgages

Cash-out refinances allow borrowers to replace their mortgage with a larger loan and receive the difference in cash. This guideline covers ownership requirements, occupancy rules, seasoning periods, and documentation needed to qualify.

Freddie Mac Guidelines: Special Purpose Cash-Out Refinance

A special purpose cash-out refinance allows you to buy out a co-owner's equity share in a jointly-owned home without receiving any cash yourself. The transaction requires 12 months of joint ownership, primary residence occupancy by both parties, and follows standard cash-out refinance LTV and underwriting requirements.

Freddie Mac Guidelines: Texas Home Equity Section 50(a)(6) Mortgages

Texas Section 50(a)(6) mortgages are cash-out or no-cash-out refinances on Texas homestead properties subject to strict state constitutional requirements, including an 80% maximum LTV, special uniform documents, and appraisal acknowledgment procedures.

Freddie Mac Guidelines: Refinancing Mortgages with PACE Energy Loans

This guideline explains how to refinance a mortgage on a home with a PACE (Property Assessed Clean Energy) loan, requiring the PACE obligation to be paid off with new mortgage proceeds and establishing documentation requirements for lenders.

Freddie Mac Guidelines: Refi Possible® No-Cash-Out Refinancing

Refi Possible is a no-cash-out refinance program for low-income borrowers that allows refinancing to improve loan terms without accessing home equity, subject to income limits, payment history requirements, and tangible benefit criteria.

Freddie Mac Guidelines: Fair Advertising for Refinance Programs

This guideline establishes fair marketing practices for refinance programs targeting lower-income borrowers, requiring lenders to treat Freddie Mac and Fannie Mae borrowers equally and include mandatory disclosure language about both agencies' programs.

Freddie Mac Guidelines: Refi Possible Loan Eligibility Requirements

Freddie Mac Refi Possible requires that your existing mortgage be Freddie Mac-owned, at least 12 months old, and have a clean recent payment history with no 30-day lates in the past 6 months and no 60+ day lates in the past 12 months.

Freddie Mac Guidelines: Refi Possible Borrower Eligibility

Refi Possible limits borrower qualifying income to 100% of the Area Median Income for the property location and requires the same borrowers on the refinanced loan, with limited exceptions for payment history or death.

Freddie Mac Guidelines: Refi Possible® Special Eligibility Requirements

Refi Possible is a streamlined refinance program for primary residence owners with limited equity who can reduce their interest rate by at least 50 basis points and lower their monthly payment, with relaxed documentation and credit requirements.

Freddie Mac Guidelines: Credit Enhancements in Refinancing

Credit enhancements like recourse, indemnification, and pool insurance transfer to new Refi Possible loans under specific conditions based on loan-to-value ratio and lender servicing requirements.

Freddie Mac Guidelines: Delivery and Pooling Requirements

This guideline covers the post-closing process where lenders deliver loans to Freddie Mac and group them into mortgage-backed securities for investor purchase. Delivery requirements vary by loan type and program, with strict documentation and timeline requirements that lenders must follow.

Freddie Mac Guidelines: Credit Fees for Refi Possible Mortgages

Credit fees are risk-based charges required on Fannie Mae's Refi Possible refinance program, calculated based on loan characteristics like credit score and loan-to-value ratio. Lenders must collect these fees according to specific guidelines and include them in loan documents.

Freddie Mac Guidelines: Relief Refinance Open Access (Deleted)

This guideline section was deleted effective October 2, 2019, and is no longer available for new loan originations. Borrowers and lenders must use current Fannie Mae or Freddie Mac relief refinance programs instead.

Freddie Mac Guidelines: Relief Refinance Mortgages (Discontinued)

This guideline covers the discontinued Freddie Mac Relief Refinance Mortgages Open Access program, which allowed underwater homeowners to refinance without standard loan-to-value requirements until October 2, 2019. Existing loans continue to be serviced, but no new originations are permitted.

Freddie Mac Guidelines: Relief Refinance Mortgages — Open Access (Discontinued)

This guideline covered the Freddie Mac Relief Refinance Mortgages — Open Access program, which was discontinued on October 2, 2019. The program previously allowed underwater homeowners to refinance without traditional equity requirements.

Freddie Mac Guidelines: Deleted Relief Refinance Program

Guideline 4303.4 for Freddie Mac Relief Refinance Mortgages with Open Access was deleted by Fannie Mae in October 2019, and new mortgages can no longer be originated under this program. Borrowers should explore current alternatives through Fannie Mae's HIRO program or Freddie Mac's Enhanced Relief Refinance program.

Freddie Mac Guidelines: Discontinued Relief Refinance Mortgage Pricing

This guideline section was deleted in October 2019 and is no longer applicable. It previously covered credit fees and pricing adjustments for Freddie Mac Relief Refinance Mortgages, a program designed to help borrowers with underwater mortgages during the post-2008 housing recovery.

Freddie Mac Guidelines: Discontinued Relief Refinance Program

This guideline section was deleted in October 2019 and no longer applies. Borrowers should explore current refinance programs like the High LTV Refinance Option instead of relying on outdated Relief Refinance Mortgage provisions.

Freddie Mac Guidelines: Enhanced Relief Refinance Program Status

The Enhanced Relief Refinance program has been indefinitely suspended as of July 1, 2021 and is no longer available for new applications or delivery to Fannie Mae. Borrowers must explore alternative refinancing options.

Freddie Mac Guidelines: Enhanced Relief Refinance Mortgages

Enhanced Relief Refinance mortgages are currently suspended and unavailable for delivery to Fannie Mae as of July 1, 2021. This guideline explains the program's purpose, suspension details, and alternative refinancing options for borrowers with limited equity.

Freddie Mac Guidelines: Enhanced Relief Refinance LTV Ratios

This guideline addresses loan-to-value ratio limits for Enhanced Relief Refinance mortgages, a suspended Fannie Mae program that previously allowed higher LTV ratios for underwater borrowers. The program is no longer accepting new applications as of July 1, 2021.

Freddie Mac Guidelines: Enhanced Relief Refinance Eligibility

Enhanced Relief Refinance is currently suspended and not eligible for delivery. Borrowers must pursue alternative refinance options such as standard rate-and-term refinances or FHA Streamline programs.

Freddie Mac Guidelines: Enhanced Relief Refinance Suspension

Enhanced Relief Refinance mortgages are suspended and no longer available for delivery to Fannie Mae as of July 1, 2021, with all loans required to settle by August 31, 2021. Lenders cannot originate new Enhanced Relief Refinance loans under current guidelines.

Freddie Mac Guidelines: Enhanced Relief Refinance Suspension

The Enhanced Relief Refinance program is currently suspended and no longer accepts applications or deliveries. Borrowers and lenders must pursue alternative refinancing options.

Freddie Mac Guidelines: Enhanced Relief Refinance Program Status

Enhanced Relief Refinance mortgages are indefinitely suspended and no longer eligible for delivery to Fannie Mae as of July 1, 2021. Borrowers seeking refinance relief must explore alternative Fannie Mae programs such as HIRO or standard refinance options.

Freddie Mac Guidelines: Mortgage Insurance Waivers for Enhanced Relief Refinance

This guideline covers the Enhanced Relief Refinance program, which allowed underwater borrowers to refinance without mortgage insurance. The program was suspended effective July 1, 2021, and is no longer available for new applications.

Freddie Mac Guidelines: Enhanced Relief Refinance Cash Adjustor (Suspended)

This guideline addresses the cash adjustor provision for Freddie Mac's Enhanced Relief Refinance program, which allowed limited cash proceeds in refinances for underwater borrowers. The program has been suspended since July 2021 and is not currently accepting new applications.

Freddie Mac Guidelines: Purchase Transaction Requirements and Cash Back Rules

This guideline defines what qualifies as a purchase transaction mortgage and establishes strict rules governing when borrowers can receive cash back at closing, including documentation requirements and how cash back affects down payment minimums.

Freddie Mac Guidelines: ARM Eligibility and Rate Adjustment Rules

This guideline establishes the eligibility requirements and operational standards for adjustable-rate mortgages (ARMs) that Freddie Mac will purchase, including approved ARM structures, rate calculation methods, rate caps, and payment recalculation requirements.

Freddie Mac Guidelines: ARM Qualification Requirements

Freddie Mac requires lenders to qualify ARM borrowers at higher rates than the initial note rate to ensure they can afford payments after rate adjustments. Qualification rates vary by ARM type, with 3/6-month ARMs requiring qualification at the note rate plus the full 5% life cap, while 5/6-month ARMs use either the note rate plus 2% or the fully indexed rate, whichever is higher.

Freddie Mac Guidelines: Seller-Owned Converted and Modified Mortgages

This guideline covers requirements for existing mortgages that lenders convert or modify and then sell to Freddie Mac, including requalification standards, manual underwriting, appraisal requirements, and eligibility restrictions.

Freddie Mac Guidelines: Seller-Owned Converted Mortgages

This guideline covers special requirements for adjustable-rate mortgages that lenders convert to fixed-rate loans and then sell to Freddie Mac, including loan type exclusions, buydown restrictions, and documentation standards.

Freddie Mac Guidelines: ARM-to-Fixed Conversion Documents

This guideline establishes documentation requirements for seller-owned converted mortgages, where borrowers convert adjustable-rate mortgages to fixed-rate loans. Lenders must provide original ARM documents plus conversion paperwork using either standard uniform instruments or nonstandard documents with comparable provisions.

Freddie Mac Guidelines: Seller-Owned Modified Mortgages

Seller-owned modified mortgages allow lenders to reduce interest rates on existing loans while keeping ownership, but only for eligible loan types and with strict limitations on what can be changed. Borrowers must re-qualify under current standard guidelines, and special underwriting terms from the original approval do not carry forward.

Freddie Mac Guidelines: Uniform Instruments for Modified Mortgages

This guideline establishes documentation requirements for seller-owned modified mortgages, including required uniform instruments, promissory notes, and loan modification agreements that lenders must use when modifying and selling loans to Fannie Mae.

Freddie Mac Guidelines: Mortgages with Capitalized Balances

This guideline explains when Freddie Mac will purchase mortgages where unpaid amounts like missed payments, taxes, or insurance have been added to the loan balance. It covers legal requirements, amortization rules, borrower notifications, and exclusions for certain property types.

Freddie Mac Guidelines: Land Contracts and Contracts for Deed

This guideline explains how Freddie Mac treats land contracts and contracts for deed in mortgage financing, distinguishing between purchase transactions (under 12 months) and refinances (12+ months) with different documentation and LTV requirements for each.

Freddie Mac Guidelines: Energy Conservation Improvements

Fannie Mae discontinued its energy conservation improvements program in May 2019, replacing it with GreenCHOICE Mortgages for energy-efficient home financing. Borrowers can no longer add energy improvement costs to their loan amount under the old program, though existing loans remain valid.

Freddie Mac Guidelines: Mortgages on Properties with Resale Restrictions

This guideline establishes eligibility and underwriting requirements for conventional mortgages on properties subject to resale restrictions, including income-based and age-based limitations. Only first lien mortgages on primary residences or second homes qualify, with specific loan types automatically ineligible.

Freddie Mac Guidelines: Affordable Seconds with Income-Based Resale Restrictions

This guideline establishes requirements for Affordable Seconds financing when properties have income-based resale restrictions, including eligible subsidy providers, required documentation, and mandatory homebuyer counseling.

Freddie Mac Guidelines: Delivery Requirements for Income-Restricted Properties

This guideline establishes special delivery procedures for mortgages on properties with income-based resale restrictions, which require manual processing and additional documentation instead of standard automated delivery systems.

Freddie Mac Guidelines: Resale Restrictions on Mortgaged Properties

This guideline explains how resale restrictions work on properties, including their duration, legal requirements, and how they affect mortgage eligibility. Resale restrictions are legal limitations that control property sales to maintain affordability, and they must be properly recorded and comply with all applicable laws.

Freddie Mac Guidelines: Payment Obligations for Resale-Restricted Properties

This guideline requires lenders to count monthly subsidy repayment obligations in debt-to-income calculations and ensure these obligations are legally subordinate to the first mortgage for properties with resale restrictions.

Freddie Mac Guidelines: Appraisal Requirements for Restricted Properties

This guideline establishes how appraisers must evaluate properties with resale restrictions by analyzing their impact on value and marketability, with different approaches depending on whether restrictions survive or terminate upon foreclosure.

Freddie Mac Guidelines: Valuing Properties with Resale Restrictions

This guideline explains how lenders calculate loan-to-value ratios for properties with resale restrictions, using different valuation methods depending on whether restrictions survive foreclosure and the transaction type.

Freddie Mac Guidelines: Resale Restrictions and Public Record Documentation

This guideline explains how Freddie Mac handles mortgages on properties with resale restrictions, requiring that all restrictions be properly recorded in public land records and comply with standardized documentation requirements.

Freddie Mac Guidelines: Right of First Refusal on Resale-Restricted Properties

This guideline establishes requirements for mortgages on properties with resale restrictions, specifying who can hold rights of first refusal and limiting such rights to 120 days during foreclosure or short sales.

Freddie Mac Guidelines: Income-Based Resale Restriction Properties

This guideline covers mortgage eligibility and qualification requirements for properties subject to income-based resale restrictions, which are affordable housing programs that limit sale prices to help moderate-income buyers. Borrowers must meet both local program and Fannie Mae income requirements, and down payments are calculated on the restricted price rather than market value.

Freddie Mac Guidelines: Excess Proceeds on Income-Restricted Properties

This guideline explains how excess proceeds are calculated and distributed when income-restricted properties sell above their restricted price, including the roles of borrowers, subsidy providers, and Freddie Mac in foreclosure situations.

Freddie Mac Guidelines: Disaster-Affected Property Eligibility

This guideline establishes eligibility requirements for properties damaged by disasters, allowing financing only when damage doesn't compromise safety, soundness, or structural integrity, and when all damage is documented and insured.

Freddie Mac Guidelines: Automated Valuation Suspensions in Disaster Areas

This guideline explains how Freddie Mac suspends automated property valuation tools like ACE and ACE+ PDR in disaster-affected areas, requiring traditional appraisals instead and affecting loan timelines and costs.

Freddie Mac Guidelines: Documentation Age in Disaster Areas

Properties in FEMA-declared disaster areas qualify for extended documentation timelines of up to 180 days instead of the standard 120 days for credit reports, income verification, appraisals, and Loan Product Advisor submissions, with specific exceptions for employment verification within 10 days of closing.

Freddie Mac Guidelines: Employee Relocation Mortgages

Employee relocation mortgages are conventional loans with relaxed qualification rules for employees transferring to new jobs. They offer extended occupancy timelines, flexible income verification, and special treatment of current home payments and employer assistance.

Freddie Mac Guidelines: Home Possible Mortgage Eligibility

This guideline defines which loan purposes, mortgage products, and property types qualify for Home Possible mortgages, and identifies programs and situations that disqualify borrowers from the program.

Freddie Mac Guidelines: Credit Fees for Home Possible Mortgages

Credit fees are upfront charges required on Home Possible mortgages that vary based on credit score, loan-to-value ratio, and property type. Eligible borrowers in certain income and geographic categories may qualify for reduced fee caps.

Freddie Mac Guidelines: Temporary Buydown Plans for Home Possible Mortgages

Temporary subsidy buydown plans reduce borrower monthly payments in early years by having a third party fund interest rate reductions. Home Possible borrowers must qualify based on the full payment amount, not the reduced buydown payment, and buydowns are limited to 1-2 unit properties.

Freddie Mac Guidelines: Home Possible Property & Appraisal Requirements

This guideline defines which properties qualify for Home Possible mortgages, including primary residences in 1-4 unit buildings, manufactured homes, and cooperatives, along with appraisal and documentation requirements.

Freddie Mac Guidelines: Home Possible Eligible Borrowers

This guideline defines borrower eligibility requirements for Home Possible mortgages, including income limits at 80% of area median income, primary residence occupancy requirements, and restrictions on property ownership and non-occupying co-borrowers.

Freddie Mac Guidelines: Home Possible Underwriting Requirements

This guideline outlines underwriting pathways for Home Possible mortgages, including automated versus manual underwriting options, credit score minimums by loan type, and exceptions for borrowers with no credit scores or insufficient credit history.

Freddie Mac Guidelines: Home Possible Income & Debt Ratios

This guideline explains income qualification rules for Home Possible mortgages, including special allowances for roommate rental income and debt-to-income ratio limits for lower-income borrowers.

Freddie Mac Guidelines: Home Possible LTV, Down Payment & Funding Sources

This guideline defines loan-to-value limits, borrower contribution requirements, reserve standards, and acceptable funding sources for Home Possible mortgages, including gifts, grants, sweat equity, and cash on hand.

Freddie Mac Guidelines: Mortgage Insurance for Home Possible Mortgages

This guideline explains mortgage insurance requirements for Home Possible mortgages with down payments below 20%, including payment options, cancellation rules, and how credit scores affect premiums.

Freddie Mac Guidelines: Homeownership and Landlord Education Requirements

Home Possible mortgages require first-time homebuyers and borrowers with non-credit payment references to complete homeownership education before closing. Buyers of 2-4 unit primary residences must also complete landlord education through approved providers.

Freddie Mac Guidelines: Community Land Trust Mortgages

Community Land Trust mortgages allow borrowers to purchase a home while leasing the land from a nonprofit organization, requiring specific documentation including Form 490 and proof of 501(c)(3) status for Fannie Mae approval.

Freddie Mac Guidelines: Community Land Trust Mortgage Requirements

Community Land Trust mortgages require special documentation, eligibility verification, and servicing procedures because the borrower owns the home but leases the land from a nonprofit trust organization.

Freddie Mac Guidelines: Landlord Education for 2-Unit Properties

Borrowers purchasing 2-unit properties must complete an approved landlord education program or demonstrate one year of previous landlord experience before closing. The education must come from an independent provider with no financial interest in the transaction.

Freddie Mac Guidelines: Community Land Trust Borrower Eligibility

Community Land Trust mortgages require borrowers to meet both standard Fannie Mae lending criteria and the specific eligibility requirements set by each individual Community Land Trust program, which typically include income limits and other affordability-focused restrictions.

Freddie Mac Guidelines: Community Land Trust Mortgage Eligibility

This guideline defines which Community Land Trust mortgages Freddie Mac will purchase, including loan type requirements, eligible properties, and documentation standards. It also outlines ineligible loan products and explains why CLT arrangements have special underwriting rules.

Freddie Mac Guidelines: Community Land Trust Mortgages

This guideline covers loan purposes, property eligibility, occupancy requirements, and underwriting standards for Community Land Trust mortgages, where borrowers own the home but a nonprofit organization retains ownership of the underlying land.

Freddie Mac Guidelines: LTV Ratios for Community Land Trust Mortgages

This guideline explains how loan-to-value ratios are calculated for Community Land Trust mortgages, which use appraised leasehold value rather than restricted resale price, with different limits for purchase versus cash-out refinance transactions.

Freddie Mac Guidelines: Community Land Trust Appraisal Requirements

Community Land Trust properties require specialized appraisals that value the leasehold interest as if resale restrictions don't exist, using qualified appraisers experienced with leasehold estates and detailed addenda to explain the unique property structure.

Freddie Mac Guidelines: Community Land Trust Ground Leases

Community Land Trust properties require special ground leases meeting Freddie Mac requirements, including minimum 30-year terms, resale restrictions, and specific documentation using approved forms and riders.

Freddie Mac Guidelines: Security Instruments for Community Land Trust Mortgages

Community land trust mortgages require specialized security instruments that document leasehold interests rather than fee simple ownership, with specific language modifications and recorded ground lease requirements to protect lender rights in foreclosure.

Freddie Mac Guidelines: Title Insurance for Community Land Trust Mortgages

Community Land Trust mortgages require specialized title insurance that protects both the leasehold estate and improvements, with specific requirements for recording the ground lease, Form 490 rider, mortgage lien priority, and subordination of the CLT's reversionary interest.

Freddie Mac Guidelines: Shared Equity Programs with Income-Based Resale Restrictions

This guideline explains how Freddie Mac allows mortgages on properties with income-based resale restrictions that limit future sales to low or moderate-income buyers, preserving affordable housing while maintaining collateral value.

Freddie Mac Guidelines: HeritageOne Mortgages for Native American Homebuyers

HeritageOne mortgages enable enrolled Native American tribal members to purchase homes in designated Tribal Areas with Fannie Mae financing. The program addresses unique challenges in tribal lending while maintaining standard underwriting requirements.

Freddie Mac Guidelines: Mortgage and Title Insurance for HeritageOne Mortgages

HeritageOne Mortgages require specific mortgage insurance and title insurance coverage as detailed in lender purchase documents and Fannie Mae guidelines. Both borrowers and lenders must understand these requirements, which differ from standard conventional mortgages and must be satisfied before loan closing.

Freddie Mac Guidelines: HeritageOne Mortgage File Requirements

HeritageOne mortgages serve Native American borrowers purchasing homes on tribal lands. Lenders must document tribal membership, federal tribal recognition, land ownership status, and tribal jurisdiction to meet Freddie Mac's specialized filing requirements.

Freddie Mac Guidelines: HeritageOne Credit Fees

HeritageOne mortgages for manufactured housing carry case-by-case credit fees determined by Fannie Mae and communicated through Purchase Documents, which differ from standard loan-level price adjustments on conventional loans.

Freddie Mac Guidelines: HeritageOne Mortgages for Native American Borrowers

HeritageOne is a specialized Freddie Mac loan program designed to increase homeownership for Native American borrowers in designated tribal areas, addressing unique lending challenges on tribal lands. The program requires lender approval, primary residence occupancy, and includes enhanced servicing and assumability features.

Freddie Mac Guidelines: HeritageOne Mortgage Eligibility

HeritageOne mortgages are designed for enrolled Native American tribal members buying homes on or near tribal lands as primary residences. The program has unique eligibility rules including no income limits, flexible co-borrower options for single-family homes, and restrictions on total financed property ownership.

Freddie Mac Guidelines: Ineligible HeritageOne Mortgages

This guideline outlines which loan types, property types, and borrower situations disqualify mortgages from HeritageOne financing, including ARMs, cash-out refinances, investment properties, and loans lacking credit scores.

Freddie Mac Guidelines: HeritageOne Mortgage Eligibility

HeritageOne mortgages serve Native American borrowers with purchase and no-cash-out refinance options, subject to conforming loan limits and specific education requirements for first-time buyers and multi-unit property owners.

Freddie Mac Guidelines: HeritageOne Mortgage Underwriting & LTV Requirements

HeritageOne mortgages offer high loan-to-value financing (up to 97% for single-family homes) for creditworthy borrowers, requiring either an automated Accept recommendation or manual underwriting with minimum credit scores of 660–680 and a maximum 45% debt-to-income ratio.

Freddie Mac Guidelines: HeritageOne Down Payment and Reserves

HeritageOne mortgages offer flexible borrower contribution and reserve requirements, allowing zero down payment for single-family homes and accepting gift funds from lenders and tribal sources under specific conditions.

Freddie Mac Guidelines: HeritageOne Leasehold Mortgages on Tribal Trust Land

HeritageOne leasehold mortgages enable Native American borrowers to purchase homes on tribal or allotted trust land by leasing the land while owning the structure. The lease must meet specific federal requirements including minimum 25-year terms with renewal clauses and must preserve the lender's foreclosure rights.

Freddie Mac Guidelines: HeritageOne Appraisal Requirements

HeritageOne mortgages require specialized appraisals for Native American borrowers purchasing homes in tribal areas, with unique qualification standards, flexible valuation methods, and mandatory submission to Fannie Mae's Uniform Collateral Data Portal.

Freddie Mac Guidelines: Financed Permanent Buydown Mortgages

Financed permanent buydowns allow borrowers to roll discount points into their loan amount to permanently reduce their interest rate, with qualification based on the lower bought-down payment while loan-to-value ratios use the total financed amount.

Freddie Mac Guidelines: Construction-to-Permanent and Renovation Mortgages

Construction-to-permanent and renovation mortgages combine financing for building new homes or major renovations into a single loan with one application and closing. Borrowers must own land before construction begins, complete all work before permanent closing, and maintain borrower continuity from construction through permanent phases.

Freddie Mac Guidelines: One-Time Close Construction Loans

One-Time Close loans combine construction and permanent financing into a single closing that automatically converts when construction completes. Underwriting is based on permanent loan terms, with flexible documentation age limits but strict employment reverification requirements and two required appraisals.

Freddie Mac Guidelines: Two-Time Close Construction Financing

Two-Time Close transactions involve separate closings for construction and permanent financing, with the permanent loan structured as a refinance and specific land ownership and appraisal requirements.

Freddie Mac Guidelines: Super Conforming Mortgages

Super conforming mortgages are loans with higher limits than standard conforming loans, available only in designated high-cost areas where home prices exceed national averages. They follow the same underwriting standards as regular conforming loans but typically carry slightly higher interest rates.

Freddie Mac Guidelines: Super Conforming Loan Amount Limits

This guideline establishes minimum and maximum loan amounts for super conforming mortgages in designated high-cost areas, ranging from $832,751 to $1,873,675 depending on property type and location.

Freddie Mac Guidelines: Super Conforming Mortgage Eligibility

This guideline defines which mortgage products and property types qualify as super conforming loans, which bridge the gap between standard conforming and jumbo loans in high-cost areas. It specifies eligible loan types, ARM restrictions, and exclusions for government-backed and specialty programs.

Freddie Mac Guidelines: Super Conforming Mortgage Underwriting

Super conforming loans between $766,551 and $1,149,825 must undergo automated underwriting through Loan Product Advisor, with stricter credit score requirements and manual underwriting standards when loans receive Caution recommendations or lack risk classifications.

Freddie Mac Guidelines: Appraisal Requirements for Super Conforming Mortgages

Super conforming loans require either a full property appraisal or an automated collateral evaluation (ACE) offer to satisfy Freddie Mac's collateral requirements. ACE offers can eliminate the appraisal requirement if accepted by your lender.

Freddie Mac Guidelines: Super Conforming Delivery and Pooling

Super conforming mortgages require separate delivery to Fannie Mae within strict timeframes and must be pooled separately from standard conforming loans, with enhanced documentation and quality control procedures.

Freddie Mac Guidelines: Credit Fees for Super Conforming Mortgages

Super conforming loans above standard conforming limits carry additional credit fees based on credit score, down payment, and loan-to-value ratio. These fees are collected at closing and cannot be financed into the loan amount.

Freddie Mac Guidelines: Affordable Merit Rate Mortgages (Discontinued)

This guideline documents the discontinuation of Fannie Mae's Affordable Merit Rate Mortgage program as of January 1, 2022. Existing loans continue normal servicing, while borrowers should explore current alternatives like HomeReady mortgages.

Freddie Mac Guidelines: Discontinued Affordable Merit Rate Mortgages

This guideline documents the discontinuation of the Affordable Merit Rate mortgage program effective January 1, 2022, and directs borrowers and lenders to current alternative programs like HomeReady and conventional 97% LTV loans.

Freddie Mac Guidelines: Affordable Merit Rate Mortgages (Discontinued)

This guideline covers the discontinued Affordable Merit Rate Mortgage program, which ended January 1, 2022. It explains the program's former special underwriting flexibilities, why it was discontinued, and current alternative affordable loan options for borrowers.

Freddie Mac Guidelines: Affordable Merit Rate Mortgage Discontinuation

The Affordable Merit Rate Mortgage program was discontinued effective January 1, 2022. Existing AMR loans remain valid, but no new applications are accepted, and borrowers should explore current alternatives like HomeReady or Conventional 97.

Freddie Mac Guidelines: HomeOne® High-LTV Mortgages

HomeOne mortgages enable first-time homebuyers to finance up to 97% of a home's value with as little as 3% down on primary residences. The program requires fixed-rate mortgages, automated underwriting approval, and homeownership education for first-time buyers.

Freddie Mac Guidelines: GreenCHOICE Mortgage Improvements

GreenCHOICE mortgages finance energy efficiency, water conservation, health, safety, and disaster resilience improvements on first lien purchase loans and no-cash-out refinances. Eligible improvements must be permanently attached to the property, with specific exceptions for appliances and health/safety work.

Freddie Mac Guidelines: Property Value for LTV Ratios

This guideline explains how Freddie Mac determines property value for loan-to-value calculations in purchase transactions, refinances, and improvement financing, and outlines the documentation and underwriting requirements that apply.

Freddie Mac Guidelines: Financing Home Improvements with Your Mortgage

This guideline explains how borrowers can finance up to 15% of their home's appraised value for home improvements either after closing or to pay off existing improvement debt, with funds held in escrow and completed within 180 days.

Freddie Mac Guidelines: Energy Reports for Home Improvements

Energy reports document that energy-efficient home improvements costing over $6,500 will achieve required efficiency standards and prove cost-effective over their useful life. Reports must show a HERS Index of 90 or below, DOE Energy Score of 6 or higher, or equivalent certification.

Freddie Mac Guidelines: GreenCHOICE Servicing Transfer Restrictions

Freddie Mac prohibits transferring loan servicing on GreenCHOICE Mortgages until all post-closing energy improvements are completed and verified by an appraiser's completion report. This restriction protects the improvement process and Freddie Mac's investment in energy-efficient upgrades.

Freddie Mac Guidelines: Delivery Requirements and Credit Fees

Credit fees are risk-based charges that lenders pay when delivering loans to Freddie Mac, factored into borrower rates or closing costs. GreenCHOICE mortgages for energy-efficient homes or renovations may qualify for reduced credit fees with proper documentation.

Freddie Mac Guidelines: CHOICERenovation Mortgages

CHOICERenovation mortgages allow borrowers to finance home repairs and improvements as part of their mortgage loan, with three options based on completion timing: before closing, within 180 days after closing (eXPress), or longer-term projects requiring Freddie Mac approval.

Freddie Mac Guidelines: Contractor Requirements for CHOICERenovation Mortgages

This guideline establishes requirements for contractors on CHOICERenovation loans, including licensing, insurance, financial capability, and payment terms. It covers scenarios where borrowers act as their own contractor, hire contractors directly, or work with home improvement store programs.

Freddie Mac Guidelines: CHOICERenovation Funds and Contingency Reserves

This guideline explains how renovation funds are managed through escrow accounts and establishes contingency reserve requirements (10-20% of renovation costs) for CHOICERenovation mortgages, with special rules for properties with non-operational utilities and outdoor projects.

Freddie Mac Guidelines: Custodial Accounts for CHOICERenovation Mortgages

This guideline explains how lenders must establish and manage separate custodial accounts for CHOICERenovation mortgage renovation funds, including account naming requirements, individual borrower tracking, and restrictions on fund access and negative balances.

Freddie Mac Guidelines: Property Insurance for CHOICERenovation Mortgages

This guideline explains how property insurance requirements evolve during CHOICERenovation mortgages, requiring coverage adjustments as renovation work progresses and property value increases from initial closing through project completion.

Freddie Mac Guidelines: CHOICERenovation Recourse Requirements

CHOICERenovation mortgages require lenders to maintain recourse liability until renovations are complete and approved. Recourse removal depends on project completion, documentation, and strict payment history requirements during the renovation period.

Freddie Mac Guidelines: CHOICERenovation Representations and Warranties

CHOICERenovation mortgages must meet strict payment performance standards during the first 36 months after renovation completion, with no more than two 30-day late payments and zero 60-day late payments, or lenders face buyback risk from Fannie Mae.

Freddie Mac Guidelines: CHOICERenovation with GreenCHOICE Fee Credits

This guideline explains how CHOICERenovation mortgages combine with GreenCHOICE programs to finance energy-efficient and resilient home improvements while earning fee reductions, subject to a 15% limit on green renovation costs relative to the completed property value.

Freddie Mac Guidelines: Servicing Transfers for CHOICERenovation Mortgages

This guideline explains the special requirements and restrictions for transferring servicing of CHOICERenovation mortgages, including Freddie Mac approval requirements, original lender liability, and new servicer responsibilities for managing ongoing renovation work.

Freddie Mac Guidelines: CHOICERenovation Mortgage Eligibility

This guideline defines which mortgage types qualify for Freddie Mac's CHOICERenovation program, which allows borrowers to finance home purchases or refinances combined with renovation costs in a single loan. It outlines eligibility requirements and explicitly excludes government loans, community land trust properties, special cash-out refinances, and mortgages with certain modifications or capitalized balances.

Freddie Mac Guidelines: Property Eligibility and Occupancy for CHOICERenovation Mortgages

This guideline defines which property types qualify for CHOICERenovation mortgages, including primary residences, second homes, and single-unit investment properties, and establishes the 60-day move-in requirement for owner-occupied properties.

Freddie Mac Guidelines: CHOICERenovation Mortgage Eligibility

CHOICERenovation mortgages allow borrowers to finance home purchases or refinances that include renovation costs, with completion timelines of 450 days for standard loans or 180 days for eXPress loans, and loan amounts based on the lower of purchase price plus renovations or completed property value.

Freddie Mac Guidelines: Underwriting CHOICERenovation Mortgages

CHOICERenovation mortgages must be coded and underwritten as purchase or refinance loans (never construction loans) with mandatory automated underwriting approval, and temporary rental housing during renovations counts toward debt-to-income ratio under specific conditions.

Freddie Mac Guidelines: Eligible Renovations for CHOICERenovation Mortgages

This guideline explains which home improvements can be financed through CHOICERenovation mortgages, including pools, energy upgrades, and accessory dwelling units, while outlining restrictions on teardowns, personal property, and compliance requirements with building codes and HOA rules.

Freddie Mac Guidelines: Maximum Financed Renovation Costs

This guideline establishes the maximum amount borrowers can finance for renovations under CHOICERenovation mortgage programs, with limits varying by loan product type, property classification, and transaction type.

Freddie Mac Guidelines: Appraisal Requirements for CHOICERenovation Mortgages

CHOICERenovation mortgages require appraisals based on the property's 'as completed' value after renovations, with detailed contractor estimates, plans, and specifications provided upfront. Appraisers must conduct pre-work and post-work inspections, and any plan changes require a new appraisal.

Freddie Mac Guidelines: Lender Responsibilities in CHOICERenovation Mortgages

This guideline outlines lender (seller) responsibilities for managing renovation funds, approving contractor work, processing change orders, and ensuring compliance with Freddie Mac requirements throughout the CHOICERenovation mortgage process.

Freddie Mac Guidelines: Mortgage Insurance Requirements

This guideline explains when mortgage insurance is required on conventional loans, how coverage levels are determined based on loan-to-value ratios, and the options between standard and custom coverage types.

Freddie Mac Guidelines: Mortgage Insurance Premium Options

This guideline explains how borrowers can pay mortgage insurance premiums through various methods (monthly, annual, lump sum, or split), the rules for financing premiums into the loan amount, and the trade-offs between borrower-paid and lender-paid mortgage insurance.

Freddie Mac Guidelines: Mortgage Insurance Kickback Prohibitions

Freddie Mac prohibits lenders and their employees from receiving commissions, fees, or other compensation from mortgage insurance companies, ensuring borrowers are not steered toward higher-cost insurance policies to generate lender kickbacks.

Freddie Mac Guidelines: Late Charges and Grace Periods

This guideline explains the maximum late charges lenders can assess (5% of principal and interest), the 15-day grace period borrowers receive, and how late charges are calculated and applied to mortgage payments.

Freddie Mac Guidelines: Mortgage Insurance for NY Cooperative Share Loans

New York cooperative purchases can use the sales price to determine initial mortgage insurance requirements, but standard loan-to-value valuation methods apply for calculating coverage amounts and cancellation eligibility.

Freddie Mac Guidelines: Title Insurance Requirements

Freddie Mac requires all mortgages to have title insurance or an approved alternative (attorney opinion letter or Iowa Title Guaranty certificate) that must be fully paid at closing. Title insurance protects both the lender and borrower from ownership claims and is a mandatory condition of loan sale to Freddie Mac.

Freddie Mac Guidelines: Title Insurance Policy Requirements

Title insurance protects your lender's investment in your property and must meet specific coverage amounts, policy forms, and endorsement requirements based on your loan and property type.

Freddie Mac Guidelines: Attorney Opinion of Title Letters

This guideline explains when attorney opinion letters can replace title insurance, the strict qualification requirements attorneys must meet, and the specific content and protections required in these letters to protect lenders.

Freddie Mac Guidelines: Acceptable Title Insurance Exceptions

This guideline explains which exceptions to title insurance policies are acceptable for mortgage approval, including utility easements, restrictive covenants, and minor encroachments, and what conditions must be met for non-standard exceptions.

Freddie Mac Guidelines: Texas Equity Mortgage Title Insurance

Texas Section 50(a)(6) equity mortgages require enhanced title insurance endorsements including Forms T-42 and T-42.1 with full coverage paragraphs intact, plus any newly approved state endorsements.

Freddie Mac Guidelines: Title Insurance for Cooperative Loans

This guideline explains title insurance requirements for cooperative share loans, which vary based on whether shares are classified as real or personal property, and outlines the documentation needed to verify clear ownership of both borrower shares and the cooperative building.

Freddie Mac Guidelines: Title Insurance for HeritageOne Mortgages

HeritageOne Mortgages for Native American borrowers on tribal trust land require a certified BIA title status report instead of title insurance, while fee simple properties must have title insurance without tribal law exclusions.

Freddie Mac Guidelines: Property Insurance Financial Strength Requirements

This guideline establishes minimum financial strength ratings that property insurers must meet for mortgages, including standards for admitted insurers, non-admitted insurers, state pools, and reinsurance arrangements.

Freddie Mac Guidelines: Minimum Property Insurance Types and Amounts

This guideline establishes the required property insurance coverage types, minimum amounts, and policy terms that borrowers must maintain throughout the mortgage loan term. Coverage must include ten specific perils and equal the higher of the loan balance or 80% of replacement cost value.

Freddie Mac Guidelines: Flood Insurance Requirements

Freddie Mac requires flood zone determinations for all properties and mandates flood insurance for those in Special Flood Hazard Areas, with coverage amounts based on loan value, replacement cost, and NFIP limits.

Freddie Mac Guidelines: Liability Insurance for Condos and Co-ops

Condo and co-op projects must maintain commercial general liability insurance with at least $1 million per occurrence coverage on common areas, including a severability of interest endorsement to protect individual unit owners from association negligence claims.

Freddie Mac Guidelines: Fidelity Insurance for Condos and Co-ops

Condo and co-op projects must carry fidelity insurance to protect association funds from theft or embezzlement by managers, employees, and board members, with coverage amounts based on maximum funds held unless enhanced financial controls are implemented.

Freddie Mac Guidelines: Mortgage Clause Requirements

Your homeowner's insurance policy must include a standard mortgage clause naming your lender as mortgagee, with specific naming conventions and a 10-day cancellation notice requirement to protect the lender's interest in your property.

Freddie Mac Guidelines: Localized Perils Insurance

Freddie Mac requires borrowers to obtain insurance coverage for geological hazards like sinkholes, mine subsidence, volcanic eruptions, and landslides that standard homeowners policies exclude. Lenders must verify these risks exist in the property area and ensure proper coverage is in place before closing.

Freddie Mac Guidelines: Loan Product Advisor Automated Underwriting

Loan Product Advisor is Freddie Mac's automated underwriting system that evaluates loan eligibility for purchase and warranty relief. Lenders must submit applications by closing date with exact matching documentation to receive Accept or Caution ratings.

Freddie Mac Guidelines: Loan Product Advisor Risk Class

Loan Product Advisor assigns mortgages an Accept or Caution risk class based on automated analysis of creditworthiness and loan factors. Accept mortgages receive streamlined underwriting and warranty relief, while Caution mortgages require full manual underwriting review.

Freddie Mac Guidelines: Loan Resubmission Requirements

This guideline explains when and why loans must be resubmitted to Fannie Mae's automated system, including time limits, acceptable changes, and post-closing resubmission rules.

Freddie Mac Guidelines: Mortgage Underwriting Essentials

This guideline explains the three pillars of mortgage approval (credit, capacity, and collateral), documentation requirements, risk layering concepts, and income/asset verification standards that lenders use to evaluate mortgage applications.

Freddie Mac Guidelines: Automated and Manual Underwriting Methods

This guideline explains Freddie Mac's dual underwriting system, which uses automated decisions through Loan Product Advisor for streamlined approvals and manual underwriting for loans requiring deeper risk analysis. Manual underwriting evaluates credit reputation, capacity to repay, and collateral value while managing risk layering across multiple loan characteristics.

Freddie Mac Guidelines: Document Verification Requirements

This guideline establishes strict requirements for how lenders must obtain and verify financial documents from borrowers, including direct source verification, acceptable document types, and prohibitions on alterations or third-party copying.

Freddie Mac Guidelines: Document Age Requirements

All income, employment, and asset verifications must be dated within 120 days of loan closing, with employed borrowers requiring final employment verification within 10 days before closing. Special rules apply to automated verifications and certain loan types.

Freddie Mac Guidelines: Non-Occupying Borrowers on Mortgages

This guideline explains how non-occupying borrowers (co-signers who don't live in the property) can help borrowers qualify for mortgages, including income and asset rules, loan-to-value limits, and documentation requirements.

Freddie Mac Guidelines: Resident Alien Mortgage Eligibility

Permanent and nonpermanent resident aliens qualify for mortgages on the same terms as U.S. citizens, provided they have lawful residency status documented with official government forms and meet work authorization and income stability requirements.

Freddie Mac Guidelines: Endorsers, Guarantors, and Sureties

This guideline explains how endorsers, guarantors, or sureties can help borrowers qualify for mortgages by taking on full legal responsibility for the loan. Endorsers must meet the same credit and income requirements as non-occupying co-borrowers and cannot have financial interests in the transaction.

Freddie Mac Guidelines: Homeownership Education Requirements

Freddie Mac requires homeownership education for first-time homebuyers using certain loan programs and borrowers qualifying with non-credit payment references. Education must come from approved third-party providers and be documented before loan closing.

Freddie Mac Guidelines: Mortgages with Living Trusts

This guideline explains how borrowers can obtain mortgages when property is held in a revocable living trust, requiring the settlor to qualify personally while the trust serves as the legal borrower with specific structural and documentation requirements.

Freddie Mac Guidelines: Land Trust Mortgages

Land trust mortgages allow borrowers to own beneficial interest in a trust rather than direct property ownership, requiring special documentation including a Collateral Assignment of Beneficial Interest and compliance with state-specific laws.

Freddie Mac Guidelines: Credit Assessment with Loan Product Advisor

This guideline explains how Loan Product Advisor automates credit assessment for Accept mortgages, reducing documentation requirements and enabling qualification without traditional credit scores under specific conditions.

Freddie Mac Guidelines: Credit Assessment for Manual Underwriting

This guideline establishes credit evaluation requirements for manually underwritten mortgages, including minimum tradeline standards, documentation requirements, and recovery periods for derogatory credit history.

Freddie Mac Guidelines: Credit Reports for Mortgage Approval

Credit reports are essential to mortgage approval and must meet strict requirements including being dated within 120 days of closing, sourced from at least two major credit bureaus, and containing detailed payment histories and FICO scores. Lenders must use consistent report types across all borrowers.

Freddie Mac Guidelines: Credit Scores and Loan Approval

This guideline explains which credit scores lenders must use, how credit scores affect loan approval and pricing, and special rules for borrowers with limited credit history or no usable scores.

Freddie Mac Guidelines: Stable Monthly Income Requirements

This guideline establishes the requirements for verifying and qualifying stable monthly income, including the two-year history requirement, continuance tests, and documentation standards that lenders must follow.

Freddie Mac Guidelines: Stable Monthly Asset Qualification Sources

This guideline establishes requirements for using asset-generated income (rental properties, investments, retirement accounts) to qualify for a mortgage, including documentation standards and stability verification.

Freddie Mac Guidelines: Understanding Note Date in Loan Transactions

The Note Date varies by loan type and represents different milestone dates for modifications, construction-to-permanent conversions, and assumptions rather than always the original loan closing date. This affects seasoning requirements and other timeline-based lending rules.

Freddie Mac Guidelines: Income Documentation Requirements

This guideline explains why lenders must verify every income source used to qualify for a mortgage, what documentation is required for different income types, and how age and verification standards ensure borrowers qualify based on real, stable income.

Freddie Mac Guidelines: Employment Documentation and Income Verification

This guideline outlines the documentation and verification requirements lenders must collect to verify employed income, including paystubs, W-2 forms, employment verification letters, and pre-closing employment checks.

Freddie Mac Guidelines: Third-Party Employment and Income Verification

This guideline explains how lenders use third-party verification services to electronically confirm borrower employment and income from employer payroll databases, including data freshness requirements and the mandatory 10-day pre-closing verification.

Freddie Mac Guidelines: Tax Returns and Income Verification

This guideline establishes requirements for submitting complete, filed tax returns as documentation for income verification, including timing rules, acceptable formats, and situations where tax returns are mandatory for loan approval.

Freddie Mac Guidelines: IRS Form 4506-C Tax Verification Requirements

Form 4506-C authorizes lenders to obtain official tax transcripts directly from the IRS to verify borrower income and assets used for loan qualification. Every borrower whose income or assets qualify them must sign the form before closing.

Freddie Mac Guidelines: Automated Employment Verification

This guideline explains how lenders can verify borrower employment and income through automated digital systems instead of traditional methods, including eligibility requirements, documentation needs, and warranty protections.

Freddie Mac Guidelines: Employed Income Requirements

This guideline explains how Freddie Mac evaluates employment income for mortgage qualification, including stability requirements, documentation needs, and special treatment for variable income like commissions and bonuses.

Freddie Mac Guidelines: Using Income That Starts After Closing

This guideline explains when and how borrowers can qualify for mortgages using income from new jobs or salary increases that haven't started yet, including documentation requirements and mandatory cash reserves.

Freddie Mac Guidelines: Income Qualification During Temporary Leave

This guideline explains how lenders qualify borrowers who are on temporary, employer-approved leave (such as maternity leave or medical leave) by using either full pre-leave income or reduced leave income supplemented with liquid assets, depending on the return date relative to the first mortgage payment.

Freddie Mac Guidelines: Automated Employment Income Verification

This guideline explains how lenders can electronically verify your base salary income through automated assessment, reducing documentation requirements and speeding up loan approval for eligible borrowers with stable employment.

Freddie Mac Guidelines: Automated Income Assessment Using Bank Account Data

Freddie Mac allows lenders to verify employment income through automated analysis of bank account deposits via Loan Product Advisor, reducing documentation requirements for eligible borrowers with straightforward employment situations.

Freddie Mac Guidelines: Self-Employment Income & Documentation

This guideline establishes requirements for documenting self-employment income, including ownership thresholds, minimum history periods, required tax documents, and income calculation methods for mortgage qualification.

Freddie Mac Guidelines: Automated Income Assessment Using Tax Data

This guideline explains how lenders can use Freddie Mac's automated income assessment system to verify self-employed income through tax returns or IRS transcripts, including eligibility requirements, business structures, and documentation needed.

Freddie Mac Guidelines: Non-Employment Income Requirements

This guideline establishes documentation, stability, and continuance requirements for non-employment income sources such as Social Security, investment income, alimony, and retirement distributions. Income must be stable, likely to continue for at least 3 years, and supported by appropriate documentation.

Freddie Mac Guidelines: Automated Income Assessment Using Bank Data

This guideline explains how lenders can verify stable income sources (Social Security, pensions, VA disability, alimony, child support, and SSI) through automated analysis of bank deposits via Loan Product Advisor, potentially eliminating the need for traditional income documentation.

Freddie Mac Guidelines: Rental Income Qualification

This guideline explains how lenders calculate and verify rental income from investment properties, existing rentals, and ADUs to help borrowers qualify for mortgages, including documentation requirements and experience thresholds.

Freddie Mac Guidelines: Automated Rental Income Assessment

Starting March 1, 2026, Fannie Mae will replace manual rental income calculations with an automated system that pulls income directly from tax returns, standardizing how rental properties are evaluated for mortgage qualification.

Freddie Mac Guidelines: Asset-Based Mortgage Qualification

This guideline allows borrowers age 62+ with substantial assets but limited income to qualify for mortgages by dividing eligible assets by 240 months to establish qualifying income. The loan must be for a primary residence or second home with maximum 80% LTV.

Freddie Mac Guidelines: Monthly Housing Expense-to-Income Ratio

This guideline explains how lenders calculate your monthly housing expense ratio, which cannot exceed 28% of gross income for manually underwritten loans. Housing expense includes mortgage payments, taxes, insurance, HOA dues, and secondary financing.

Freddie Mac Guidelines: Monthly Debt-to-Income Ratio

This guideline explains how lenders calculate your debt-to-income ratio, which debts count toward the calculation, and the maximum DTI limits for mortgage qualification. Understanding DTI rules helps borrowers prepare accurate financial information and anticipate qualification challenges.

Freddie Mac Guidelines: Funds Required for Mortgage Transactions

This guideline explains what funds borrowers must verify for mortgage transactions, including down payments, closing costs, and reserves, along with acceptable documentation methods and sources of funds.

Freddie Mac Guidelines: Mortgage Payment Reserves

Reserves are post-closing liquid assets measured in months of mortgage payments. Requirements vary by property type and underwriting method, ranging from zero months for primary residences to eight months for multiple investment properties.

Freddie Mac Guidelines: Borrower Personal Funds

This guideline defines what counts as borrower personal funds for mortgage qualification, including bank accounts, investments, retirement accounts, and asset sales, along with documentation requirements and restrictions on fund sources.

Freddie Mac Guidelines: Alternative Funding Sources for Down Payments

This guideline explains which alternative funding sources borrowers can use for down payments and closing costs, including family gifts, wedding/graduation gifts, government grants, and employer assistance programs, along with required documentation and restrictions.

Freddie Mac Guidelines: Employer Assisted Homeownership Benefits

Employer Assisted Homeownership (EAH) benefits allow employers to provide financial assistance for down payments and closing costs through established benefit programs, with specific rules about documentation, employment protection, and debt-to-income treatment.

Freddie Mac Guidelines: Interested Party Contributions

This guideline defines who qualifies as an interested party in a mortgage transaction and establishes limits on their financial contributions, distinguishing between financing concessions (which pay closing costs and HOA dues) and sales concessions (which reduce the purchase price).

Freddie Mac Guidelines: Lender Contributions and Credits

This guideline explains how lenders can contribute toward closing costs through higher interest rates or their own funds, with specific rules about credit limits, principal reduction, and disclosure requirements.

Freddie Mac Guidelines: Automated Asset Verification

This guideline explains how lenders use automated systems to electronically verify borrower bank accounts and assets instead of requiring traditional paper statements, including which accounts qualify, how the process works, and when additional documentation is still needed.

Freddie Mac Guidelines: Property Eligibility Requirements

This guideline establishes the residential property standards that must be met for mortgage eligibility, including safety, condition, zoning compliance, legal access, and utilities. Properties must be primarily residential and cannot be vacant land, agricultural operations, or commercial enterprises.

Freddie Mac Guidelines: ADU Property Eligibility Requirements

This guideline outlines when properties with accessory dwelling units (ADUs) qualify for Freddie Mac financing, including specific requirements for legal and illegal ADUs, appraisal standards, and documentation needs.

Freddie Mac Guidelines: Financing Properties with Incomplete Improvements

This guideline explains when you can obtain mortgage financing on a property with unfinished work, including requirements for appraisals, escrow accounts, cost limits, and completion timelines.

Freddie Mac Guidelines: Energy-Efficient Homes and Solar Panel Eligibility

This guideline explains how Freddie Mac evaluates properties with energy-efficient improvements and solar panels, including valuation methods, ownership structures, and debt-to-income treatment based on whether solar equipment is owned, financed, leased, or part of a power purchase agreement.

Freddie Mac Guidelines: Mixed-Use Property Eligibility

This guideline establishes requirements for financing mixed-use properties that combine residential living with owner-operated commercial activity, including zoning compliance, owner-operator requirements, and appraisal considerations.

Freddie Mac Guidelines: Multi-Parcel Property Eligibility

This guideline establishes requirements for financing properties spanning multiple adjoining parcels, including restrictions on residences, zoning consistency, and appraisal considerations.

Freddie Mac Guidelines: Seller Verification of Property Ownership

Lenders must verify that the seller on a purchase contract is the current legal owner of the property according to public records, and for refinances, that the borrower is listed as an owner on the deed. When ownership discrepancies arise, lenders investigate and document the issue before loan approval.

Freddie Mac Guidelines: Collateral Representations and Warranties

Lenders must warrant that a property's appraisal accurately reflects market value, the home meets condition standards, and it is marketable to typical buyers in the area. Violations of these warranties can result in loan buybacks by Fannie Mae.

Freddie Mac Guidelines: Loan Collateral Advisor® for Appraisal Relief

Loan Collateral Advisor is an automated system that evaluates appraisals to provide lenders with representation and warranty relief on eligible mortgages, streamlining the appraisal review process for qualifying loans.

Freddie Mac Guidelines: Automated Collateral Evaluation (ACE)

ACE allows lenders to skip traditional appraisals on certain loans when Fannie Mae's automated system approves the application, subject to strict LTV limits and property type restrictions. Borrowers should understand eligibility requirements, the 120-day offer expiration, and what loan changes can invalidate their ACE status.

Freddie Mac Guidelines: ACE+ PDR Appraisal Alternative

ACE+ PDR allows eligible borrowers to close without a traditional appraisal using automated valuation and a Property Data Report instead. Loans must meet specific LTV limits, property type requirements, and receive Fannie Mae's automated approval.

Freddie Mac Guidelines: Appraiser Independence and Selection

This guideline establishes requirements for lender selection of appraisers, appraiser qualifications, and independence standards to prevent conflicts of interest and ensure reliable property valuations in mortgage transactions.

Freddie Mac Guidelines: Seller Verification of Property Ownership

Lenders must verify that the seller legally owns the property being purchased to prevent fraud and meet mortgage standards. This guideline (moved to Section 5601.7 as of February 2026) requires documentation like deeds, title reports, and authority documents for corporate or trust sellers.

Freddie Mac Guidelines: Information Disclosure to Appraisers and Borrowers

Lenders must provide appraisers with complete transaction details including sales contracts, financing terms, and any known environmental hazards, while also disclosing environmental issues to borrowers to ensure accurate appraisals and informed decision-making.

Freddie Mac Guidelines: Unacceptable Appraisal Practices

This guideline prohibits discriminatory language, subjective analysis without data support, crime references, and unsupported adjustments in appraisals. It requires appraisers to use objective, market-based analysis and personally inspect comparable properties.

Freddie Mac Guidelines: Property Data Collector Independence

This guideline establishes requirements for lenders to ensure property data collectors are independent from the mortgage transaction, preventing conflicts of interest and ensuring accurate property information.

Freddie Mac Guidelines: Property Data Collector Qualifications

This guideline establishes independence, training, and qualification requirements for property data collectors used in hybrid appraisals, along with mandatory lender oversight policies including background checks and performance monitoring.

Freddie Mac Guidelines: Appraisal Forms and Inspection Types

This guideline explains which appraisal forms and inspection methods Freddie Mac allows based on property type, loan details, and transaction purpose. It covers desktop, hybrid, and exterior-only appraisals, along with upgrade triggers that require full interior inspections.

Freddie Mac Guidelines: Appraisal Report Exhibits and Documentation

This guideline specifies the required photographs, building sketches, floor plans, and location maps that must be included with appraisal reports and Property Data Reports, with requirements varying by inspection type and property characteristics.

Freddie Mac Guidelines: Appraisal Age and Update Requirements

This guideline establishes timing requirements for appraisals in mortgage transactions, including the 12-month validity period, 120-day update rule, special construction loan rules, appraisal reuse conditions for refinances, and Property Data Report expiration rules.

Freddie Mac Guidelines: Appraisal Review and Reconsideration of Value

This guideline explains how lenders must review appraisals, borrowers' rights to request reconsideration of value, when lenders can order additional appraisals, and how to reconcile multiple appraisal opinions to determine the most credible market value.

Freddie Mac Guidelines: Appraisal Report Requirements and Appraiser Responsibilities

This guideline establishes Freddie Mac's standards for appraisal quality, appraiser qualifications, and required documentation to ensure accurate property valuations that support loan approval decisions.

Freddie Mac Guidelines: Special Property Appraisal Requirements

This guideline covers specialized appraisal approaches required for manufactured homes, condominiums, cooperative units, and properties in markets with limited sales data. These properties require additional documentation, supplemental forms, and extended timelines beyond standard single-family home appraisals.

Freddie Mac Guidelines: Definition of Market Value

Market value is the most probable price a property would sell for under normal, competitive market conditions with typically motivated buyers and sellers. Appraisers must adjust comparable sales for special financing, seller concessions, and other factors that don't reflect true market conditions.

Freddie Mac Guidelines: Property, Contract & Neighborhood Documentation

This guideline requires appraisers to document complete property identification including legal descriptions, analyze purchase contract terms and seller concessions, and evaluate neighborhood characteristics and market conditions to ensure adequate collateral and marketability.

Freddie Mac Guidelines: Site and Location Analysis

This guideline explains how appraisers evaluate property site characteristics, zoning compliance, utilities, environmental conditions, and flood risk to determine Freddie Mac eligibility and property value. Properties must have legal zoning, adequate utilities, proper street access, and no disqualifying environmental hazards.

Freddie Mac Guidelines: Property Condition and Quality Ratings

This guideline explains how appraisers rate property condition and quality using Fannie Mae standards, which ratings make properties ineligible for conventional loans, and how serious defects are handled during the appraisal process.

Freddie Mac Guidelines: Sales Comparison Approach in Appraisals

This guideline explains how appraisers determine home value by comparing your property to recent comparable sales, including requirements for selecting comparables, making adjustments for differences, and handling special situations like new developments and sales concessions.

Freddie Mac Guidelines: Appraisal Valuation Methods and Value Reconciliation

This guideline explains when appraisers must use cost and income approaches alongside sales comparison, how they reconcile different valuation methods, and how seller concessions affect appraised value.

Freddie Mac Guidelines: Property Completion and Inspection Requirements

This guideline establishes documentation requirements for verifying that incomplete construction or needed repairs are finished before loan closing, using appraisal reports, builder warranties, or property data collector reports.

Freddie Mac Guidelines: Special Property Appraisal Requirements

Freddie Mac requires enhanced appraisal procedures for 2-4 unit properties, condos, manufactured homes, leaseholds, and co-ops, with 2-4 unit properties requiring rental comparables and four specific valuation metrics to assess income-producing potential.

Freddie Mac Guidelines: Uniform Appraisal Dataset (UAD)

The Uniform Appraisal Dataset (UAD) is a standardized format that appraisers must use to report property data consistently across all Fannie Mae-backed mortgages. UAD requirements affect how appraisers document and code appraisal findings, with version 3.6 becoming mandatory in November 2026.

Freddie Mac Guidelines: Uniform Collateral Data Portal (UCDP)

The UCDP is Fannie Mae's electronic system for submitting and reviewing appraisal reports before loan delivery. All appraisal reports must receive successful UCDP submission, though this doesn't guarantee appraisal acceptance or loan approval.

Freddie Mac Guidelines: Electronic Appraisal Reports

Electronic appraisal reports are acceptable for Freddie Mac loans when transmitted directly to the lender through secure channels with proper electronic signatures and quality standards equivalent to paper reports. Lenders bear full responsibility for verifying authenticity and preventing tampering.

Freddie Mac Guidelines: Condo Project Risk Assessment

Lenders must evaluate condominium projects for financial stability, physical condition, and marketability before approving mortgages. Projects must meet specific criteria including 75% owner occupancy and adequate reserves to qualify for financing.

Freddie Mac Guidelines: Condo Project Advisor Assessment

The Condo Project Advisor (CPA) system evaluates condo projects and assigns status ratings that determine loan eligibility. Lenders must submit a Project Assessment Request (PAR) before selling loans to Fannie Mae, with the feedback certificate required within 120 days of closing.

Freddie Mac Guidelines: Condo Project Waivers

Project Waiver Requests allow financing for condo units in established projects that fail certain Fannie Mae requirements. The waiver applies only to the specific loan and must be approved before the loan is sold to Fannie Mae, with delivery required within 120 days of closing.

Freddie Mac Guidelines: Condominium Project Classification and Delivery

Lenders must classify condominium projects on Form 1077 when delivering loans to Fannie Mae, determining whether projects receive streamlined review, full review, or exemption based on project characteristics and approval history.

Freddie Mac Guidelines: Credit Fees for Condominium Loans

Credit fees are additional costs that Freddie Mac charges lenders for condominium loans, calculated based on loan-to-value ratio, credit score, and property type. These fees are typically passed to borrowers at closing or built into loan pricing.

Freddie Mac Guidelines: Condominium Project Review and Eligibility

Lenders must verify that condominium projects meet Fannie Mae requirements before approving loans, with different review timelines based on project type and specific documentation, insurance, and financial standards that must be satisfied.

Freddie Mac Guidelines: Ineligible Condominium Projects

Freddie Mac will not purchase loans for units in condominium projects that operate like hotels, have excessive commercial space, lack proper ownership structures, face litigation affecting habitability, or require critical repairs. These restrictions protect borrowers by ensuring units are in stable residential communities rather than commercial ventures.

Freddie Mac Guidelines: Streamlined Condo Project Reviews

Streamlined reviews are the fastest approval path for established condominium projects, with specific loan-to-value limits and delinquency requirements that vary by state and occupancy type.

Freddie Mac Guidelines: Established Condominium Projects

This guideline outlines the requirements for condominium projects to qualify for Freddie Mac financing, including completion standards, owner-occupancy thresholds, HOA reserve funding, and financial health metrics.

Freddie Mac Guidelines: New Condominium Project Requirements

This guideline establishes eligibility standards for new condo projects, requiring substantial completion, at least 50% owner-occupancy, adequate reserve funding, and low assessment delinquency rates to protect lender interests and ensure project financial stability.

Freddie Mac Guidelines: Condo Project Exemption From Review

This guideline explains which condo mortgages can skip the standard condo project approval process, including small projects (2-4 units), detached condo units, Freddie Mac refinances, and Refi Possible mortgages, along with disqualifying property types and required documentation.

Freddie Mac Guidelines: Condo Appraisal and Underwriting

This guideline establishes requirements for appraising condominiums, including project analysis, comparable sales selection, and special rules for mixed-use and detached condos. It covers what appraisers must evaluate and how lenders assess condo project eligibility.

Freddie Mac Guidelines: Reciprocal Condo Project Reviews

Freddie Mac accepts condo project approvals from Fannie Mae and FHA instead of conducting separate reviews, streamlining the loan process if the prior approval is current and valid. Lenders must verify approval status and document compliance with specific requirements, including additional restrictions for Florida condos.

Freddie Mac Guidelines: Planned Unit Development (PUD) Requirements

This guideline explains what qualifies as a PUD, required documentation and financial verification for PUD loans, and how insurance and ownership structures affect lending decisions.

Freddie Mac Guidelines: Mortgages Secured by Manufactured Homes

This guideline establishes eligibility requirements for mortgages secured by manufactured homes, including HUD certification standards, permanent foundation requirements, and documentation needed for loan approval.

Freddie Mac Guidelines: Mortgage Insurance for Manufactured Homes

Manufactured home mortgages with less than 20% down require mortgage insurance through private insurers, with stricter requirements than site-built homes including foundation verification, HUD certification, and real property classification.

Freddie Mac Guidelines: Taxation of Manufactured Homes

This guideline explains how manufactured homes are taxed as either real estate or personal property depending on state and local laws, and how lenders must handle escrow and verification requirements for each taxation type.

Freddie Mac Guidelines: CHOICEHome Mortgages

CHOICEHome mortgages finance manufactured homes with upgraded construction features and permanent foundations for primary residence purchases and no-cash-out refinances. Loans require Form 70B appraisals, CHOICEHome certification verification, and automated underwriting approval with loan-to-value limits of 95-97%.

Freddie Mac Guidelines: Manufactured Home Loan Delivery Requirements

Manufactured home mortgages require special delivery documentation beyond standard loans, including HUD compliance verification, foundation certification, and property documentation. CHOICEHome loans have additional requirements to prove enhanced construction standards.

Freddie Mac Guidelines: Credit Fees for Manufactured Home Mortgages

This guideline explains credit fees that apply to manufactured home mortgages, how they're calculated based on credit score and down payment, and the fee caps available to qualified borrowers under Fannie Mae's Exhibit 19 and 19A.

Freddie Mac Guidelines: Manufactured Home Eligibility Requirements

This guideline establishes construction, installation, and documentation standards that manufactured homes must meet to qualify for Freddie Mac financing, including HUD code compliance, permanent foundation requirements, and proof of federal certification.

Freddie Mac Guidelines: Manufactured Home Property Eligibility and Occupancy

This guideline establishes property classification, land ownership, and occupancy requirements for manufactured homes to qualify for Freddie Mac financing, distinguishing them from mobile homes through permanent foundation and real property status requirements.

Freddie Mac Guidelines: Real Property, Title & Lien Requirements for Manufactured Homes

This guideline establishes requirements for converting manufactured homes to real property, obtaining proper title insurance with manufactured home endorsements, and managing state-specific documentation to ensure loans are secured by real estate rather than personal property.

Freddie Mac Guidelines: Manufactured Home Mortgage Eligibility

This guideline defines which mortgage products are available for manufactured homes, including eligible loan types, ineligible property categories, and documentation requirements. Manufactured homes are restricted to fixed-rate and two specific ARM products, with additional limitations on specialty programs and previously moved homes.

Freddie Mac Guidelines: Manufactured Home Loan Purposes and Use of Proceeds

This guideline defines which loan purposes are allowed for manufactured homes, how purchase and refinance proceeds can be used, and the specific restrictions that differ between single-wide and multiwide homes.

Freddie Mac Guidelines: Underwriting Manufactured Home Mortgages

This guideline establishes underwriting requirements for manufactured home loans, including automated underwriting mandates, land and trade-in equity rules, and risk assessment criteria that differ from site-built home loans.

Freddie Mac Guidelines: LTV Ratios and Loan Terms for Manufactured Homes

This guideline establishes maximum loan-to-value ratios, loan terms, and property value calculation rules for mortgages secured by manufactured homes, with limits varying by loan purpose, risk classification, and property use.

Freddie Mac Guidelines: Appraisal Requirements for Manufactured Homes

Manufactured home appraisals require specialized appraiser qualifications, detailed documentation including HUD labels and manufacturer invoices, and mandatory sales comparison and cost approaches with specific comparable requirements. Appraisers must verify serial numbers, photograph certification labels, and follow stricter standards than site-built home appraisals.

Freddie Mac Guidelines: Leasehold Property Mortgages

This guideline explains Freddie Mac's requirements for mortgages on leasehold properties where the borrower owns the home but leases the land. It covers lease term minimums, required provisions, documentation needs, and eligibility rules for single-family homes through 4-unit properties.

Freddie Mac Guidelines: Appraisal Requirements for Leasehold Properties

This guideline establishes appraisal requirements for leasehold properties, requiring appraisers to analyze lease terms, find comparable sales with identical lease structures, and adjust for differences when comparable leasehold sales are unavailable.

Freddie Mac Guidelines: Ground Lease Requirements for Leasehold Properties

Ground lease properties require special mortgage approval because you own the building but lease the land. Lenders must verify the lease meets specific requirements to protect both borrower and lender interests throughout the loan term.

Freddie Mac Guidelines: Security Instruments for Leasehold Mortgages

This guideline explains how mortgage security instruments must be structured for leasehold properties, where borrowers own lease rights rather than fee simple land. It covers required document modifications, lease recording requirements, and key eligibility factors that distinguish leasehold mortgages from traditional property mortgages.

Freddie Mac Guidelines: Cooperative Share Loans

Cooperative share loans are mortgages secured by ownership shares in a cooperative corporation rather than real property. Lenders must obtain Fannie Mae approval and evaluate both borrower creditworthiness and the cooperative project's financial stability and marketability.

Freddie Mac Guidelines: Cooperative Project Conversions

This guideline establishes requirements for financing purchases in cooperatives converted from other building types, with stricter documentation standards for conversions under three years old and protections for shareholders against underlying mortgage defaults.

Freddie Mac Guidelines: Co-op Documentation Requirements

Freddie Mac 5705.11 outlines the specific documents lenders must collect and retain for cooperative apartment purchases, including Recognition Agreements, Proprietary Leases, financial statements, and insurance documentation, with extended retention periods of seven years after the lender's interest ends.

Freddie Mac Guidelines: Pooling and Delivery for Cooperative Share Loans

This guideline establishes specific pooling and delivery requirements for cooperative share loans, which differ based on loan type and require special documentation due to the unique collateral structure of co-op ownership.

Freddie Mac Guidelines: Cooperative Project Review and Eligibility

Lenders must conduct comprehensive reviews of cooperative projects before approving loans, with specific timelines and documentation requirements to ensure financial stability, legal compliance, and adequate insurance coverage.

Freddie Mac Guidelines: Ineligible Cooperative Projects

Freddie Mac outlines specific structural, operational, and ownership requirements that disqualify cooperative housing projects from mortgage financing, including restrictions on commercial space, hotel-like operations, investor concentration, and financial distress.

Freddie Mac Guidelines: Cooperative Project Eligibility

Freddie Mac establishes financial, operational, and market standards that cooperative buildings must meet for borrowers to obtain financing on individual units, including requirements for completion, owner-occupancy, cash flow, and delinquency limits.

Freddie Mac Guidelines: Cooperative Share Loan Eligibility

This guideline establishes eligibility requirements and underwriting standards for cooperative share loans, including occupancy restrictions, loan-to-value calculations, building debt limits, and required documentation from both borrowers and cooperative corporations.

Freddie Mac Guidelines: Legal Requirements for New Cooperative Projects

This guideline establishes the legal and structural requirements that new cooperative projects must meet before Freddie Mac will purchase loans secured by cooperative shares, including formation compliance, shareholder rights, and lender protections.

Freddie Mac Guidelines: Exempt From Review for Cooperative Refinances

This guideline explains when cooperative share loan refinances can skip Freddie Mac's full project review process, provided the existing loan is already Freddie Mac-owned and meets specific safety and financial standards.

Freddie Mac Guidelines: Appraisal Requirements for Cooperative Units

Cooperative unit appraisals value only the borrower's ownership interest after deducting the building's blanket mortgage debt. Appraisers must use Form 2090, submit to Fannie Mae's data portal, and analyze detailed cooperative financial information including maintenance fees, liens, and comparable sales from similar cooperative projects.

Freddie Mac Guidelines: Combined Cooperative Units

Freddie Mac allows borrowers to combine two or more adjoining cooperative units into a single unit financed with one loan, provided the cooperative corporation approves the combination, construction is completed before closing, and at least two units remain in the building.

Freddie Mac Guidelines: Manufactured Homes on Leasehold Estates

This guideline establishes requirements for financing manufactured homes built on leased land, including market acceptance verification, dual compliance with manufactured home and leasehold standards, and mandatory pre-approval from Freddie Mac before loan sale.

Freddie Mac Guidelines: Manufactured Homes on Leasehold Estates

This guideline establishes eligibility requirements for financing manufactured homes located on leased land, including multiwide-only restrictions, ground lease community standards, and documentation requirements for lenders and borrowers.

Freddie Mac Guidelines: Manufactured Home Financing on Leased Land

This guideline defines eligible transaction types for financing manufactured homes on leasehold estates, covering purchase loans and no-cash-out refinances with specific rules on what costs can be financed and loan-to-value calculations.

Freddie Mac Guidelines: Leasehold Estates for Manufactured Homes

This guideline explains financing requirements for manufactured homes built on leased land, including mandatory lease provisions, appraisal standards, and valuation rules that differ from owned-land properties.

Freddie Mac Guidelines: Manufactured Homes on Leased Land

This guideline establishes underwriting requirements for mortgages on manufactured homes situated on leased land, including mandatory automated underwriting, maximum 95% LTV limits, and primary residence restrictions.

Freddie Mac Guidelines: Title Insurance for Manufactured Homes on Leasehold Land

This guideline establishes title insurance and documentation requirements for manufactured homes situated on leased land, requiring ALTA Form 13.1 endorsement and proper lease recording to secure both the home and leasehold interest.

Freddie Mac Guidelines: Uniform Closing Dataset and Electronic Submission

This guideline explains how lenders electronically submit standardized closing data to Freddie Mac using the Uniform Closing Dataset format and Loan Closing Advisor validation system, which affects closing timelines and data accuracy requirements for all loans sold after September 2017.