Freddie Mac Single-Family Seller/Servicer Guide Bulletin
Freddie Mac released bulleting Number: 2009-5 on March 4, 2009 in support of the federal Making Home Affordable Program. The bulletin included eligibility requirements for the Freddie Mac Relief Refinance Mortgage. The following are key aspects of that Bulleting:
Overview
First Lien, conventional Mortgages owned or securitized by Freddie Mac may be eligible for refinancing under the terms of this offering. The significant features of the Freddie Mac Relief Refinance Mortgage offering are:
- Mortgages are only subject to the Market Condition delivery fee. No other post settlement delivery fees will be assessed.
- A maximum loan-to-value (LTV) ratio of 105%. There are no maximum total LTV (TLTV) and Home Equity Line of Credit TLTV (HTLTV) ratios.
- Relief from standard Mortgage insurance requirements
- Use of a value estimate from Freddie Mac’s Home Value Explorer (HVE) and relief from value, condition and marketability representations and warranties for eligible Freddie Mac Relief Refinance Mortgages.
Effective Date
Freddie Mac Relief Refinance Mortgages must have Freddie Mac Settlement Dates on or after April 1, 2009 and must have Note Dates on or before June 10, 2010.
Eligibility Requirements
Mortgages being refinanced
Must be a First Lien, conventional Mortgage currently owned in whole or part, or securitized by Freddie Mac that meets the following requirements:
- Is service by the Seller, or an Affiliate of the Seller, origination the Freddie Mac Relief Refinance Mortgage.
- Have met Freddie Mac’s eligibility requirements as stated in the Seller’s Purchase Documents on the Note Date of the Mortgage being refinanced.
- Is Seasoned for at least three months
- Mortgage payment history has not been 30 or more days delinquent in the most recent 12 months or, if the Mortgage is seasoned for less than 12 months, since the Mortgage Note Date.
Freddie Mac Relief Refinanced Mortgages
The new Freddie Mac Relief Refinance Mortgages must be one of the following Mortgage Products:
- A conventional 15-, 20-, or 30-year fixed-rate, fully amortizing Mortgage.
- A conventional nonconvertible 5/1, 7/1, or 10/1 fully amortizing adjustable rate Mortgage (ARM).
The Freddie Mac Refinance Mortgage must be originated for one of the following purposes:
- To reduce the interest rate of the First Lien Mortgage.
- To replace an ARM, an Initial Interest Mortgage or any Mortgage with an interest-only period, or a Balloon/Reset Mortgage with a fixed-rate, fully amortizing Mortgage.
- To reduce the amortization term of the First Lien Mortgage. The Freddie Mac Relief Refinance Mortgage must not have a longer amortization term than the Mortgage being refinanced.
The Borrower(s) obligated on the Note for the Freddie Mac Relief Refinance Mortgage must be the same as the Borrower(s) obligated on the Note on the Mortgage being refinanced, except that the Borrower obligated on the Note on the Freddie Mac Relief Refinance Mortgage may be omitted due to death or divorce under certain circumstances.
Must be secured by Mortgaged Premises that are:
- 1- to 4-unit Primary Residences
- Second Homes
- 1- to 4-unit Investment Properties
The proceeds of the Freddie Mac Relief Refinance Mortgage must be used only to:
- Pay of the first Mortgage
- Pay no more than $2,500 in related Closing Costs, Financing Costs and Prepaids/Escrows, provided that the funds applied to these costs must not exceed the $2,500 limit, or
- Be applied as a principal curtailment to the new refinance Mortgage.
The proceeds must not be used to pay off or pay down any junior liens.
Underwriting the Mortgage/qualifying the Borrower
The Mortgage payment history for the Mortgage being refinanced must indicate that the Mortgage has not been 30 or more days delinquent in the most recent 12 months or, if the Mortgage is seasoned for less than 12 months, since the Mortgage Note Date.
The is no minimum Indicator Score requirement for the Freddie Mac Relief Refinance Mortgage unless the Borrower’s principal and interest payment on the Freddie Mac Relief Refinance Mortgage increases by more than 20% of the principal and interest payment most frequently made by the Borrower during the most recent 12 months, or since the Note Date of the Mortgage being refinanced if the Note Date is less than 12 months prior to the application date of the Freddie Mac Relief Refinance Mortgage. In such event, the Mortgage must have a minimum Indicator Score of 620 and other additional requirements must be met.
Maximum LTV, TLTV and HTLTV requirements
The maximum LTV ratio for Freddie Mac Relief Refinance Mortgages is 105%. There are no maximum TLTV and HTLTV ratios.
Should you have any questions or need further information,
please don’t hesitate to contact me, (775) 220-1630
Or visit my blog at www.SellingNorthernNV.com
Joshua Talayka
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521
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Hello. I just moved to the Miami area. I am looking for a solid company to help me with a refinance. I purchased the house from a short sale and had to do business over the phone because I was living in Az. I dont think that I got a good deal. My interest rate in now 6.99 percent. I think that I can refinance and get a much better deal. Please point me in the right direction.
I cannot refer you to any particular loan officer, since I am in Reno, NV. But I would suggest contacting a local Bank/Credit Union and seeing what they can do for you. You will also want to check your current loan document to make sure there isn’t any pre-payment penalty for refinancing before a certain term.
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