Expanded Eligibility for Index Lock and Fast Track Early Rate-Lock Options
April 2, 2014
Freddie Mac has expanded the eligibility parameters and made additional enhancements to Index Lock and Fast Track Early Rate-Lock (ERL), making these important financing options more competitive and accessible to more borrowers. The primary changes include:
- Increased the eligible maximum loan amount from $50 million to $75 million; and,
- Expanded eligibility from borrowers that have closed a securitized loan with Freddie Mac within 18 months to 24 months.
For guidance on how, when, and why to use Index Lock, see these updated resources:
Fast Track ERL
- Increased the eligible maximum loan amount from $50 million to $75 million;
- Added acquisitions as an eligible loan type; and,
- Eliminated the requirement that the loan must be within -5%/+0.5x of our LTV and DCR parameters.
For guidance on how, when, and why to use Fast Track ERL, see these updated resources:
A Freddie Mac regional representative will further explain and answer questions about these lock option changes during our upcoming Seller Training sessions. Space is still available for our sessions in Chicago and Los Angeles. For more information, contact your Freddie Mac producer.