Freddie Mac Single-Family Seller/Servicer Guide 4302.4 — Borrower eligibility

fhlmc-4302-4

Freddie Mac Single-Family Seller/Servicer Guide Section 4302.4 — Borrower eligibility.

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Verbatim provisions from Freddie Mac Single-Family Seller/Servicer Guide 4302.4 — Borrower eligibility — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.

Freddie Mac Single-Family Seller/Servicer Guide 4302.4 — Borrower eligibility

Effective 2024-12-04 · Freddie Mac's stamp for this section

Borrower eligibility requirements for Refi Possible® Mortgages Topic Borrower eligibility requirements Borrower income ■ The Borrower’s qualifying income converted to an annual basis must not exceed 100% of the Area Median Income for the location of the Mortgaged Premises ■ To determine if the Borrower’s income exceeds the income limits, the Seller must rely on the income used to qualify the Borrower ■ For Loan Product Advisor Mortgages, Loan Product Advisor will use the income used to qualify the Borrower that was submitted to determine the income eligibility of the Mortgage ■ For non-Loan Product Advisor Mortgages, the Seller must use the Home Possible® Income & Property Eligibility tool. The Seller may not use other published Area Median Income versions (such as Area Median Incomes posted on https://www.huduser.gov/portal/home.html) to determine Mortgage or product eligibility. Change in Borrowers ■ The Borrower(s) obligated on the Note for the Refi Possible Mortgage must be the same as the Borrower(s) obligated on the Note for the Mortgage being refinanced, except that a Borrower obligated on the Note for the Mortgage being refinanced may be omitted from the Note for the Refi Possible Mortgage provided that: ❑ The Mortgage file contains evidence that the remaining Borrower has been making the Mortgage payments, including the payments for any secondary financing, for the most recent 12-month period from their own funds; or Borrower eligibility requirements for Refi Possible® Mortgages Topic Borrower eligibility requirements ❑ In the case of death, the Seller obtains and retains in the Mortgage file documentation of the Borrower’s death ■ In all cases, at least one Borrower from the Mortgage being refinanced must be retained

Source: Freddie Mac Single-Family Seller/Servicer Guide 4302.4 — Borrower eligibility · source URL · snapshot 4c94f67729042dd6

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Source of record: https://claudeforcompliance.com/regs/fhlmc-4302-4/ · register fhlmc-4302-4 · verbatim, source-snapshotted regulator text from the Claude for Compliance corpus. To work from every register at once, download the corpus and follow the methodology.