Home Possible Mortgages Webinar

DRAFT

Mountain West Financial and

Freddie Mac Training ¨C

Presenter: Jim Peronto

April 2017

Note: This document is not a replacement or substitute for the requirements set forth in the

Freddie Mac Single-Family Seller/Servicer Guide (Guide), Loan Product Advisor? Functionality

Guide, and/or terms of your Master Agreement and/or Master Commitment.

Agenda

Home Possible and

Home Possible Advantage

Loan Product Advisor

Functionality

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Guide Chapter 4501

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General Requirements

? Purchase/No Cash-out Refinance

? 1- unit primary residence

? 95% LTV/TLTV/HTLTV

(Detached/Attached, PUDs,

Condominiums)

? All Borrowers must occupy the

Mortgaged Premises as their Primary

Residence

? 30 Year Fixed Rate

? Temporary subsidy buydown (1-to 2-

? 97% LTV / 105% TLTV

(Affordable Second? only)

There is no minimum LTV ratio

unit primary residence only)

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General Requirements

Affordable Income and Property Eligibility

Area Median Income (AMI) Limit:

The maximum allowed qualifying income based on the median income

for the area in which the mortgaged premises is located

? Qualifying Income* up to 100% of the AMI

? Higher AMI limits in designated High Cost Areas

? Lifted in Underserved Areas

*All stable monthly income for all borrowers for qualifying. The Seller must attempt to verify all income reported on the

Form 65, Uniform Residential Loan Application, in accordance with the Guide. Any discrepancies, including

underreported income, must be corrected before submitting the mortgage to Loan Product Advisor. All income reported

on the Form 65 that has been verified and that meets the criteria for stable monthly income as described in Chapters

5300-5305 must be used to qualify the borrower and submitted to Loan Product Advisor ? for Loan Product Advisor

Mortgages.

Guide Chapter 4501

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