Freddie Mac Single-Family Seller/Servicer Guide Section 4602.2 — One-Time Close transactions

Freddie Mac Single-Family Seller/Servicer Guide Section 4602.2 — One-Time Close transactions

4602.2: One-Time Close transactions (02/04/26) Refer to Bulletin 2025-7, which announced the policy requirements for Uniform Appraisal Dataset (UAD) 3.6. Sellers may submit to the Uniform Collateral Data Portal® appraisal reports that use UAD 3.6 before the mandatory effective November 2, 2026 version of this section. The requirements of this section apply to all One-Time Close Construction to Permanent Mortgages and Renovation Mortgages unless otherwise specified. This section contains requirements related to: ■ Overview of One-Time Close transactions ■ One-Time Close with automatic conversion documentation structure ■ One-Time Close with a modification agreement documentation structure ■ Mortgage purpose ■ Underwriting requirements ■ Calculation of value ■ Appraisal requirements (a) Overview of One-Time Close transactions In a One-Time Close transaction, the Note and the Security Instrument documenting the Permanent Financing are executed at the time of closing for the Interim Construction Financing. The terms of the Interim Construction Financing are incorporated into the Note for the Permanent Financing. A One-Time Close transaction must be converted to Permanent Financing either through automatic conversion or a modification. For a One-Time Close transaction, the construction phase of the Construction to Permanent Mortgage must be structured as a temporary loan exempt from the ability-to-repay requirements under Regulation Z. Freddie Mac Single-Family Seller/Servicer Guide Chapter 4602 As of 02/04/26 Page 4602-11 (b) One-Time Close with automatic conversion documentation structure In a One-Time Close with automatic conversion, Interim Construction Financing automatically converts to Permanent Financing upon completion of construction or renovations with no change to the terms of the Note. For a One-Time Close with automatic conversion, the Mortgage file must include all of the following: ■ Uniform Security Instrument ■ Uniform Note applicable to the Permanent Financing Mortgage Product ■ Addendum to the Uniform Note with the terms of the Interim Construction Financing (c) One-Time Close with a modification agreement documentation structure (i)Documentation requirements In a One-Time Close with a modification agreement, a Construction to Permanent Modification Agreement is used to convert the Interim Construction Financing to Permanent Financing. The Seller must use the applicable Construction to Permanent Modification Agreement in the table below or a substantially similar modification agreement. Mortgage Product for Permanent Financing prior to modification at closing of Interim Construction Financing Mortgage Product for modified Permanent Financing Freddie Mac Construction to Permanent Modification Agreement Fixed-rate Mortgage Fixed-rate Mortgage Form 5166 ARM Fixed-rate Mortgage ARM ARM Form 5167 In a One-Time Close with a modification agreement, the Mortgage file must include all of the following: ■ Uniform Security Instrument Freddie Mac Single-Family Seller/Servicer Guide Chapter 4602 As of 02/04/26 Page 4602-12 ■ Uniform Note applicable to the Mortgage Product for the Permanent Financing executed at the closing of the Interim Construction Financing prior to the modification ■ Addendum to the Uniform Note with the terms of the Interim Construction Financing ■ Construction to Permanent Modification Agreement applicable to the Mortgage Product for the Permanent Financing (ii)Terms of Permanent Financing that may be modified The Seller may only modify the following terms of the Permanent Financing: ■ Interest rate ■ Loan balance, provided that increases in the loan balance are permitted only to cover documented increases in the cost of construction or renovation ■ Payment amount ■ Term ■ Change in amortization type from ARM to fixed-rate Mortgage Multiple terms described above may be modified simultaneously with a Construction to Permanent Modification Agreement. However, such terms may only be modified once. Construction to Permanent Mortgages and Renovation Mortgages with multiple modification agreements are not eligible for sale to Freddie Mac. Changes to the terms above will require resubmission to Loan Product Advisor® unless the requirements in Section 4602.2(e)(iii) below do not require the Seller to resubmit the Mortgage to Loan Product Advisor. (d) Mortgage purpose (i)Determining Mortgage purpose The Mortgage may be a purchase transaction Mortgage or a refinance Mortgage as follows: ■ The Mortgage is a purchase transaction Mortgage if, prior to the closing of the Interim Construction Financing, the Borrower is not the owner of record of the land or Mortgaged Premises, or is not the lessee of the leasehold estate, as applicable Freddie Mac Single-Family Seller/Servicer Guide Chapter 4602 As of 02/04/26 Page 4602-13 ■ The Mortgage is a refinance Mortgage if, prior to the closing of the Interim Construction Financing, the Borrower is the owner of record of the land or Mortgaged Premises, or is the lessee of the leasehold estate, as applicable (ii)Requirements for refinance Mortgages (A) “No cash-out” refinance Mortgages “No cash-out” refinance Mortgages must meet the requirements in Section 4301.4, except as stated below. For purposes of Section 4301.4, the amount of the Interim Construction Financing secured by the Mortgaged Premises is considered an amount used to pay off the first Mortgage as described in Section 4301.4. The proceeds of the Permanent Financing may be used to pay off a junior lien(s) secured by the Mortgaged Premises provided the lien(s) were used in their entirety for the construction or renovation of the subject property, as applicable, as documented in the Mortgage file. Paying off unsecured lien(s) or construction costs paid by the Borrower outside of the secured Interim Construction Financing is considered cash out to the Borrower, if above $2,000 or 1% of the loan amount, whichever is greater. (B) Cash-out refinance Mortgages Cash-out refinance Mortgages must meet the requirements in Section 4301.5. Cash- out refinance Mortgages that are Construction to Permanent Mortgages or Renovation Mortgages must not be secured by Manufactured Homes. At least one Borrower must have been on the title to the land for six months or more prior to the Effective Date of Permanent Financing, or at least one Borrower must have inherited or was legally awarded the land in accordance with a final judgment or decision from a legal body (e.g., court, jury, judge or arbitrator) such as in a case of divorce, separation or dissolution of a domestic partnership. (e) Underwriting requirements (i) General underwriting requirements The Seller must underwrite the Mortgage based on the terms of Permanent Financing. If terms of the Permanent Financing are modified or if the appraisal update indicates the property value has declined, then: ■ For a Loan Product Advisor Mortgage, it may require resubmission of the Mortgage to Loan Product Advisor as described in Section 4602.2(e)(iii), or Freddie Mac Single-Family Seller/Servicer Guide Chapter 4602 As of 02/04/26 Page 4602-14 ■ For a Non-Loan Product Advisor Mortgage, the Mortgage must be re-underwritten (ii) Age of documentation requirements The age of documentation requirements in Section 5102.4 must be met. Exceptions: ■ For One-Time Close Construction to Permanent Mortgages, income, employment and credit report documentation may be dated more than 120 days before the Effective Date of Permanent Financing, but dated no more than 540 calendar days before the Effective Date of Permanent Financing, when all of the following requirements are met: ❑ The Mortgage must be an Accept Mortgage ❑ The documentation must be dated no more than 120 calendar days before the Note Date of the Interim Construction Financing ❑ The credit report must be dated no more than 120 calendar days before the date of the first submission to Loan Product Advisor ❑ The loan-to-value (LTV), total LTV (TLTV) and Home Equity Line of Credit (HELOC) TLTV (HTLTV) ratios must not exceed 95% ❑ For employed Borrowers, the Seller must verify employment with a 10-day pre closing verification in accordance with the requirements in Section 5302.2(d), except that references to Note Date in Section 5302.2(d) shall mean the Note Date of Interim Construction Financing and not the Effective Date of Permanent Financing ❑ For self-employed Borrowers, the Seller must verify current existence of the business in accordance with Section 5304.1(m) within 120 days prior to the Note Date of Interim Construction Financing, except that references to Note Date in Section 5304.1(m) shall mean the Note Date of the Interim Construction Financing and not the Effective Date of Permanent Financing ■ For One-Time Close Construction to Permanent Mortgages, asset documentation must be dated no more than 120 calendar days before the Note Date of Interim Construction Financing. Updated asset documentation is not required unless either of the following apply: ❑ Additional funds are required to be paid by the Borrower at conversion to Permanent Financing. The additional funds meeting the requirements in Chapter 5501 must be verified and the verification documentation must be dated no more than 120 calendar days before the Effective Date of Permanent Financing, or Freddie Mac Single-Family Seller/Servicer Guide Chapter 4602 As of 02/04/26 Page 4602-15 ❑ Additional reserves are required due to re-underwriting of the Mortgage prior to conversion to Permanent Financing. The full amount of required reserves meeting the requirements in Chapter 5501 must be verified and verification documentation must be dated no more than 120 calendar days before the Effective Date of Permanent Financing (iii)Resubmission of Loan Product Advisor Mortgages not required Loan Product Advisor Mortgages must meet the requirements in Chapter 5101 except that resubmission of a Mortgage to Loan Product Advisor is not required if there is: ■ A change from the previous submission if the change involves one of the exceptions in Section 5101.3 ■ A decrease in the loan amount, provided the Permanent Financing complies with all of the following requirements: ❑ When there is an increase in the Down Payment, all funds used to reduce the loan amount must meet the requirements of Chapter 5501 ❑ The decrease in the loan amount does not change the level of mortgage insurance coverage. For example, if the property value is $120,000 and the loan amount is $114,000 (95% LTV ratio), the loan amount may decrease to $109,200 (91% LTV ratio). However, if the loan amount decreases to $108,000 (90% LTV ratio), the loan must be resubmitted. ■ A change from an ARM to a fixed-rate Mortgage, provided the Permanent Financing complies with all of the following requirements: ❑ The Permanent Financing is not subject to a temporary subsidy buydown plan ❑ In the prior submission, the Borrower was qualified with an ARM monthly housing expense payment equal to or greater than the fixed-rate monthly housing expense ❑ The Mortgage term of the fixed-rate Mortgage is the same as the Mortgage term for the ARM ■ A decrease in the reserves amount, provided that the amount of verified reserves is no less than the reserves required to be verified on the Feedback Certificate (f) Calculation of value The value used to determine the LTV, TLTV and HTLTV ratios must be established as follows: Freddie Mac Single-Family Seller/Servicer Guide Chapter 4602 As of 02/04/26 Page 4602-16 Value for One-Time Close purchase transaction Mortgages Property type Construction to Permanent Mortgages Renovation Mortgages 1- to 4-unit site- built home Value is the lesser of: ■ The purchase price of the Mortgaged Premises (the purchase price of the land1 and total construction costs2), or ■ Appraised value of the Mortgaged Premises, as completed Value is the lesser of: ■ The purchase price of the Mortgaged Premises prior to the renovation plus the renovation costs (costs of demolition and reconstruction)2, or ■ Appraised value of the Mortgaged Premises, as completed 1-unit Manufactured Home Value is the lesser of: ■ The purchase price of the Manufactured Home, plus the lowest purchase price at which the land was sold during the most recent 12-month period1, or ■ Appraised value of the Mortgaged Premises, as completed Not eligible 1If the Borrower acquired the land as a gift or by inheritance, the value of the land as reported on the appraisal report may be used in lieu of the purchase price of the land. 2Any item that is included in the calculation of cost to construct or renovate the property must be commonly and customarily included in the cost to construct or renovate other properties in the area where the Mortgaged Premises is located. The cost to construct or renovate must not include items such as furniture, electronic and home entertainment equipment or other personal property, except for appliances. Freddie Mac Single-Family Seller/Servicer Guide Chapter 4602 As of 02/04/26 Page 4602-17 Value for One-Time Close “no cash-out” refinance Mortgages Property type Construction to Permanent Mortgages Renovation Mortgages 1- to 4-unit site- built home Appraised value of the Mortgaged Premises, as completed 1-unit Manufactured Home Appraised value of the Mortgaged Premises, as completed Not eligible Value for One-Time Close cash-out refinance Mortgages Property type Value 1- to 4-unit site-built home Appraised value of the Mortgaged Premises, as completed 1-unit Manufactured Home Not eligible (g) Appraisal requirements The Seller must obtain an appraisal report with an interior and exterior inspection. The appraisal report must include an “as completed” value of the property subject to completion of the improvements based on the plans and specifications. Upon completion of the construction or renovations, the Seller must obtain an appraisal update reported on Form 442, Appraisal Update and/or Completion Report. Form 442 must also document that all improvements were completed in accordance with the plans and specifications and must meet the requirements for verifying completion in Section 5605.8. The effective date of the appraisal update must be no more than 120 days before the Effective Date of Permanent Financing. When the appraisal update indicates the value of the subject property has declined, the Seller must obtain a new appraisal report. For One-Time Close Construction to Permanent Mortgages, the effective date of the appraisal report must be no more than 4 months prior to the Note Date of the Interim Construction Financing. Freddie Mac Single-Family Seller/Servicer Guide Chapter 4602 As of 02/04/26 Page 4602-18 For One-Time Close Renovation Mortgages, the effective date of the appraisal report must be no more than 12 months before the Effective Date of Permanent Financing. The Seller represents and warrants that the originating lender provided the appraiser with all the appraisal information required in Topic 5600, including plans and specifications. 4602.2: One-Time Close transactions (Future effective date 11/02/26) The requirements of this section apply to all One-Time Close Construction to Permanent Mortgages and Renovation Mortgages unless otherwise specified. This section contains requirements related to: ■ Overview of One-Time Close transactions ■ One-Time Close with automatic conversion documentation structure ■ One-Time Close with a modification agreement documentation structure ■ Mortgage purpose ■ Underwriting requirements ■ Calculation of value ■ Appraisal requirements (a) Overview of One-Time Close transactions In a One-Time Close transaction, the Note and the Security Instrument documenting the Permanent Financing are executed at the time of closing for the Interim Construction Financing. The terms of the Interim Construction Financing are incorporated into the Note for the Permanent Financing. A One-Time Close transaction must be converted to Permanent Financing either through automatic conversion or a modification. For a One-Time Close transaction, the construction phase of the Construction to Permanent Mortgage must be structured as a temporary loan exempt from the ability-to-repay requirements under Regulation Z. (b) One-Time Close with automatic conversion documentation structure Freddie Mac Single-Family Seller/Servicer Guide Chapter 4602 As of 02/04/26 Page 4602-19 In a One-Time Close with automatic conversion, Interim Construction Financing automatically converts to Permanent Financing upon completion of construction or renovations with no change to the terms of the Note. For a One-Time Close with automatic conversion, the Mortgage file must include all of the following: ■ Uniform Security Instrument ■ Uniform Note applicable to the Permanent Financing Mortgage Product ■ Addendum to the Uniform Note with the terms of the Interim Construction Financing (c) One-Time Close with a modification agreement documentation structure (i)Documentation requirements In a One-Time Close with a modification agreement, a Construction to Permanent Modification Agreement is used to convert the Interim Construction Financing to Permanent Financing. The Seller must use the applicable Construction to Permanent Modification Agreement in the table below or a substantially similar modification agreement. Mortgage Product for Permanent Financing prior to modification at closing of Interim Construction Financing Mortgage Product for modified Permanent Financing Freddie Mac Construction to Permanent Modification Agreement Fixed-rate Mortgage Fixed-rate Mortgage Form 5166 ARM Fixed-rate Mortgage ARM ARM Form 5167 In a One-Time Close with a modification agreement, the Mortgage file must include all of the following: ■ Uniform Security Instrument ■ Uniform Note applicable to the Mortgage Product for the Permanent Financing executed at the closing of the Interim Construction Financing prior to the modification Freddie Mac Single-Family Seller/Servicer Guide Chapter 4602 As of 02/04/26 Page 4602-20 ■ Addendum to the Uniform Note with the terms of the Interim Construction Financing ■ Construction to Permanent Modification Agreement applicable to the Mortgage Product for the Permanent Financing (ii)Terms of Permanent Financing that may be modified The Seller may only modify the following terms of the Permanent Financing: ■ Interest rate ■ Loan balance, provided that increases in the loan balance are permitted only to cover documented increases in the cost of construction or renovation ■ Payment amount ■ Term ■ Change in amortization type from ARM to fixed-rate Mortgage Multiple terms described above may be modified simultaneously with a Construction to Permanent Modification Agreement. However, such terms may only be modified once. Construction to Permanent Mortgages and Renovation Mortgages with multiple modification agreements are not eligible for sale to Freddie Mac. Changes to the terms above will require resubmission to Loan Product Advisor® unless the requirements in Section 4602.2(e)(iii) below do not require the Seller to resubmit the Mortgage to Loan Product Advisor. (d) Mortgage purpose (i)Determining Mortgage purpose The Mortgage may be a purchase transaction Mortgage or a refinance Mortgage as follows: ■ The Mortgage is a purchase transaction Mortgage if, prior to the closing of the Interim Construction Financing, the Borrower is not the owner of record of the land or Mortgaged Premises, or is not the lessee of the leasehold estate, as applicable ■ The Mortgage is a refinance Mortgage if, prior to the closing of the Interim Construction Financing, the Borrower is the owner of record of the land or Mortgaged Premises, or is the lessee of the leasehold estate, as applicable Freddie Mac Single-Family Seller/Servicer Guide Chapter 4602 As of 02/04/26 Page 4602-21 (ii)Requirements for refinance Mortgages (A) “No cash-out” refinance Mortgages “No cash-out” refinance Mortgages must meet the requirements in Section 4301.4, except as stated below. For purposes of Section 4301.4, the amount of the Interim Construction Financing secured by the Mortgaged Premises is considered an amount used to pay off the first Mortgage as described in Section 4301.4. The proceeds of the Permanent Financing may be used to pay off a junior lien(s) secured by the Mortgaged Premises provided the lien(s) were used in their entirety for the construction or renovation of the subject property, as applicable, as documented in the Mortgage file. Paying off unsecured lien(s) or construction costs paid by the Borrower outside of the secured Interim Construction Financing is considered cash out to the Borrower, if above $2,000 or 1% of the loan amount, whichever is greater. (B) Cash-out refinance Mortgages Cash-out refinance Mortgages must meet the requirements in Section 4301.5. Cash- out refinance Mortgages that are Construction to Permanent Mortgages or Renovation Mortgages must not be secured by Manufactured Homes. At least one Borrower must have been on the title to the land for six months or more prior to the Effective Date of Permanent Financing, or at least one Borrower must have inherited or was legally awarded the land in accordance with a final judgment or decision from a legal body (e.g., court, jury, judge or arbitrator) such as in a case of divorce, separation or dissolution of a domestic partnership. (e) Underwriting requirements (i) General underwriting requirements The Seller must underwrite the Mortgage based on the terms of Permanent Financing. If terms of the Permanent Financing are modified or if the appraisal update indicates the property value has declined, then: ■ For a Loan Product Advisor Mortgage, it may require resubmission of the Mortgage to Loan Product Advisor as described in Section 4602.2(e)(iii), or ■ For a Non-Loan Product Advisor Mortgage, the Mortgage must be re-underwritten Freddie Mac Single-Family Seller/Servicer Guide Chapter 4602 As of 02/04/26 Page 4602-22 (ii) Age of documentation requirements The age of documentation requirements in Section 5102.4 must be met. Exceptions: ■ For One-Time Close Construction to Permanent Mortgages, income, employment and credit report documentation may be dated more than 120 days before the Effective Date of Permanent Financing, but dated no more than 540 calendar days before the Effective Date of Permanent Financing, when all of the following requirements are met: ❑ The Mortgage must be an Accept Mortgage ❑ The documentation must be dated no more than 120 calendar days before the Note Date of the Interim Construction Financing ❑ The credit report must be dated no more than 120 calendar days before the date of the first submission to Loan Product Advisor ❑ The loan-to-value (LTV), total LTV (TLTV) and Home Equity Line of Credit (HELOC) TLTV (HTLTV) ratios must not exceed 95% ❑ For employed Borrowers, the Seller must verify employment with a 10-day pre closing verification in accordance with the requirements in Section 5302.2(d), except that references to Note Date in Section 5302.2(d) shall mean the Note Date of Interim Construction Financing and not the Effective Date of Permanent Financing ❑ For self-employed Borrowers, the Seller must verify current existence of the business in accordance with Section 5304.1(m) within 120 days prior to the Note Date of Interim Construction Financing, except that references to Note Date in Section 5304.1(m) shall mean the Note Date of the Interim Construction Financing and not the Effective Date of Permanent Financing ■ For One-Time Close Construction to Permanent Mortgages, asset documentation must be dated no more than 120 calendar days before the Note Date of Interim Construction Financing. Updated asset documentation is not required unless either of the following apply: ❑ Additional funds are required to be paid by the Borrower at conversion to Permanent Financing. The additional funds meeting the requirements in Chapter 5501 must be verified and the verification documentation must be dated no more than 120 calendar days before the Effective Date of Permanent Financing, or Freddie Mac Single-Family Seller/Servicer Guide Chapter 4602 As of 02/04/26 Page 4602-23 ❑ Additional reserves are required due to re-underwriting of the Mortgage prior to conversion to Permanent Financing. The full amount of required reserves meeting the requirements in Chapter 5501 must be verified and verification documentation must be dated no more than 120 calendar days before the Effective Date of Permanent Financing (iii)Resubmission of Loan Product Advisor Mortgages not required Loan Product Advisor Mortgages must meet the requirements in Chapter 5101 except that resubmission of a Mortgage to Loan Product Advisor is not required if there is: ■ A change from the previous submission if the change involves one of the exceptions in Section 5101.3 ■ A decrease in the loan amount, provided the Permanent Financing complies with all of the following requirements: ❑ When there is an increase in the Down Payment, all funds used to reduce the loan amount must meet the requirements of Chapter 5501 ❑ The decrease in the loan amount does not change the level of mortgage insurance coverage. For example, if the property value is $120,000 and the loan amount is $114,000 (95% LTV ratio), the loan amount may decrease to $109,200 (91% LTV ratio). However, if the loan amount decreases to $108,000 (90% LTV ratio), the loan must be resubmitted. ■ A change from an ARM to a fixed-rate Mortgage, provided the Permanent Financing complies with all of the following requirements: ❑ The Permanent Financing is not subject to a temporary subsidy buydown plan ❑ In the prior submission, the Borrower was qualified with an ARM monthly housing expense payment equal to or greater than the fixed-rate monthly housing expense ❑ The Mortgage term of the fixed-rate Mortgage is the same as the Mortgage term for the ARM ■ A decrease in the reserves amount, provided that the amount of verified reserves is no less than the reserves required to be verified on the Feedback Certificate (f) Calculation of value The value used to determine the LTV, TLTV and HTLTV ratios must be established as follows: Freddie Mac Single-Family Seller/Servicer Guide Chapter 4602 As of 02/04/26 Page 4602-24 Value for One-Time Close purchase transaction Mortgages Property type Construction to Permanent Mortgages Renovation Mortgages 1- to 4-unit site- built home Value is the lesser of: ■ The purchase price of the Mortgaged Premises (the purchase price of the land1 and total construction costs2), or ■ Appraised value of the Mortgaged Premises, as completed Value is the lesser of: ■ The purchase price of the Mortgaged Premises prior to the renovation plus the renovation costs (costs of demolition and reconstruction)2, or ■ Appraised value of the Mortgaged Premises, as completed 1-unit Manufactured Home Value is the lesser of: ■ The purchase price of the Manufactured Home, plus the lowest purchase price at which the land was sold during the most recent 12-month period1, or ■ Appraised value of the Mortgaged Premises, as completed Not eligible 1If the Borrower acquired the land as a gift or by inheritance, the value of the land as reported on the appraisal report may be used in lieu of the purchase price of the land. 2Any item that is included in the calculation of cost to construct or renovate the property must be commonly and customarily included in the cost to construct or renovate other properties in the area where the Mortgaged Premises is located. The cost to construct or renovate must not include items such as furniture, electronic and home entertainment equipment or other personal property, except for appliances. Freddie Mac Single-Family Seller/Servicer Guide Chapter 4602 As of 02/04/26 Page 4602-25 Value for One-Time Close “no cash-out” refinance Mortgages Property Type Construction to Permanent Mortgages Renovation Mortgages 1- to 4-unit site- built home Appraised value of the Mortgaged Premises, as completed 1-unit Manufactured Home Appraised value of the Mortgaged Premises, as completed Not eligible Value for One-Time Close cash-out refinance Mortgages Property Type Value 1- to 4-unit site-built home Appraised value of the Mortgaged Premises, as completed 1-unit Manufactured Home Not eligible (g) Appraisal requirements The Seller must obtain a Traditional Appraisal Report, which must include an “as completed” value of the property subject to completion of the improvements based on the plans and specifications. Upon completion of the construction or renovations, the Seller must obtain the following: ■ Restricted Appraisal Update Report. The effective date of the appraisal update must be no more than 120 days before the Effective Date of Permanent Financing. ■ Documentation verifying that all improvements were completed in accordance with the plans and specifications. The requirements in Section 5605.9 for verifying completion must be met. When the appraisal update indicates the value of the subject property has declined, the Seller must obtain a new Traditional Appraisal Report or Exterior Appraisal Report. For One-Time Close Construction to Permanent Mortgages, the effective date of the Traditional Appraisal Report must be no more than 4 months prior to the Note Date of the Interim Construction Financing. For One-Time Close Renovation Mortgages, the effective date of the Traditional Appraisal Report must be no more than 12 months before the Effective Date of Permanent Financing. Freddie Mac Single-Family Seller/Servicer Guide Chapter 4602 As of 02/04/26 Page 4602-26 The Seller represents and warrants that the originating lender provided the appraiser with all the appraisal information required in Topic 5600, including plans and specifications.

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