New Home Possible Guidelines go into Effect

July 9, 2019
Under new guidelines, borrowers must not have ownership interest in more than two properties.


In Single-Family Seller Servicer Guide Bulletin 2019-7, Freddie Mac revised requirements for Home Possible® mortgages to state that, effective July 3, the occupying borrower(s) must not have an ownership interest in more than two financed residential properties, including the subject property, as of the note date (or as of the effective date of permanent financing for construction conversion and renovation mortgages). Freddie Mac has delayed the effective date of this provision to settlement dates on and after September 16, 2019. 

Source: Freddie Mac