Freddie Mac Single-Family Seller/Servicer Guide 3401.5 — Specialty Mortgages and other considerations

Freddie Mac Single-Family Seller/Servicer Guide 3401.5 — Specialty Mortgages and other considerations

Effective 2025-11-19 · Freddie Mac's stamp for this section

This section contains requirements related to: ■ Mortgages secured by Manufactured Homes ■ Community Land Trust Mortgages ■ GreenCHOICE Mortgages® (a) Mortgages secured by Manufactured Homes For a Mortgage secured by a Manufactured Home, the Mortgage file must include documentation evidencing that the Manufactured Home is legally classified as real property, the Manufactured Home is properly titled and the lien on the Manufactured Home is properly created, evidenced and perfected. For a Mortgage on a new Manufactured Home, the Mortgage file must contain a copy of the manufacturer’s invoice and Manufactured Home Purchase Agreement in the Mortgage file. If the Manufactured Home is a new installation, the Mortgage file must contain evidence that the Manufactured Home was installed in compliance with applicable HUD Codes for Manufactured Homes (HUD Codes). (b) Community Land Trust Mortgages For Community Land Trust Mortgages, the Mortgage file must include: ■ If applicable, written approval signed by the Community Land Trust or its authorized representative permitting the Borrower to enter into a refinance transaction ■ An original executed or certified copy of the Community Land Trust ground lease and Form 490, Community Land Trust Ground Lease Rider, containing the recordation information (c) GreenCHOICE Mortgages For GreenCHOICE Mortgages, the Mortgage file must include: ■ Documentation of the eligible improvements, as described in Section 4606.1(b), and their costs, such as receipts and/or invoices, as applicable, ■ Documentation of the costs used to calculate the total acquisition cost for purchase transaction Mortgages as referenced in Section 4606.2(a), ■ For Manually Underwritten Mortgages that used one or both of the higher qualifying ratios, as referenced in Section 5401.1(e)(ii)(B), documentation that the property has a level of energy efficiency greater than that of a “standard” (i.e., non-energy efficient) property, ■ For Mortgages used to finance eligible improvements completed after the Note Date, the written escrow agreement as referenced in Section 4606.3(a)(3), ■ If applicable, an energy report or alternative documentation in lieu of an energy report, ■ If applicable, a completion report provided by the appraiser, and ■ If proceeds were used to pay an Existing Debt (as defined in Section 4606.1(c)), documentation meeting the requirements in Section 4606.3(b), as applicable

Source: Freddie Mac Single-Family Seller/Servicer Guide 3401.5 — Specialty Mortgages and other considerations · source URL · snapshot 4c94f67729042dd6