Guide Bulletin 2018-7: New Low Down Payment Solution, Quicker Loan Processing and More
April 25, 2018
With Single-Family Seller/Servicer Guide Bulletin 2018-7, we’re making changes to further support first-time homebuyers, provide greater access to credit and opportunities to simplify loan origination. This Bulletin:
- Introduces Freddie Mac HomeOne℠ mortgage, a new low down payment option for first-time homebuyers.
- Revises income limit requirements for Freddie Mac Home Possible® mortgages to better focus on serving low- and moderate-income borrowers.
- Announces enhancements to Loan Product Advisor® to assess eligible Home Possible mortgages against the previous and current area median income limits.
- Allows the use of integrated construction conversion documentation for a construction conversion mortgage secured by a manufactured home.
- Automates the process for warehouse lenders to release and transfer their interest in pledged mortgages through Loan Selling Advisor℠.
Please review additional Guide updates that may be important for your business.