Freddie Mac Single-Family Seller/Servicer Guide 4501.1 — Eligible and ineligible Home Possible® Mortgages
Freddie Mac Single-Family Seller/Servicer Guide section 4501.1 — Eligible and ineligible Home Possible® Mortgages. Full verbatim section text, substring-verified against snapshot 5869ee9e606cd4ae.
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Verbatim provisions from Freddie Mac Single-Family Seller/Servicer Guide 4501.1 — Eligible and ineligible Home Possible® Mortgages — 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 4501.1 — Eligible and ineligible Home Possible® Mortgages
This section contains requirements related to: ■ Loan purpose for Home Possible® Mortgages ■ Eligible Mortgages ■ Ineligible Mortgages (a) Loan purpose for Home Possible Mortgages A Home Possible Mortgage must be either a purchase transaction or “no cash-out” refinance. (b) Eligible Mortgages Home Possible Mortgages eligible for sale to Freddie Mac must be First Lien Mortgages that are fully amortizing and must be one of the following conventional Mortgage Products: ■ Fixed-rate Mortgages ■ 7/6-Month or 10/6-Month ARMs ■ 5/6-Month ARMs if secured by a property other than a Manufactured Home Home Possible Mortgages, other than Mortgages secured by Manufactured Homes, must have an original maturity date not greater than 30 years. Home Possible Mortgages secured by Manufactured Homes must have a maximum original maturity not greater than that specified in Section 5703.8(a). (c) Ineligible Mortgages Mortgages with the following characteristics are not eligible for sale to Freddie Mac as Home Possible Mortgages: ■ Financed Permanent Buydown Mortgages ■ Freddie Mac Enhanced Relief Refinance Mortgages® ■ Government Mortgages ■ HeritageOne® Mortgages ■ HomeOne® Mortgages ■ Refi Possible® Mortgages ■ Seller-Owned Converted Mortgages ■ Super conforming Mortgages (as described in Chapter 4603)
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Source of record: https://claudeforcompliance.com/regs/fhlmc-4501-1/
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