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Guide Bulletin 2017-11: Lender Gifts and Grants for Home Possible Mortgages and Agency-Provided Funds

July 26, 2017

With Single-Family Seller/Servicer Guide (Guide) Bulletin 2017-11, our requirements for Home Possible® mortgages will now specify that gifts or grants from the Seller as the originating lender will be permitted only after a contribution of at least three percent of value from borrower personal funds or other eligible sources of funds.

These changes were previewed in our July 6 Industry Letter, and are effective for mortgages with settlement dates on and after November 1, 2017.

We’re also:

  • Updating our requirements for agencies that provide funds for mortgages. Effective for mortgages with settlement dates on and after November 1, 2017.
  • Clarifying delivery requirements for Home Possible mortgages that feature lender-funded gifts or grants. Effective immediately.

For more detailed information on these and other changes, please read
Guide Bulletin 2017-11.
  
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