Freddie Mac Extends Effective Date of Revised HOME Possible Mortgage Requirements (Previously Announced in Bulletin 2019-07)

Freddie Mac extended the effective date of the revised HOME Possible mortgage requirements (previously announced in Bulletin 2019-07). Bulletin 2019-07 revised Home Possible mortgage requirements to state that occupying borrowers may not have an ownership interest in more than 2 financed residential properties (including the property being mortgaged) as of the note date (or as of the effective date of permanent financing for construction conversion and renovation mortgages). This requirement now applies to mortgage loans with settlement dates on or after September 16, 2019 (rather than mortgage loans with settlement dates on or after July 3, 2019).

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