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Custodial Options and Requirements Chapter - Freddie Mac

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The document outlines the custodial options and requirements for Seller/Servicers selling mortgages to Freddie Mac. It details the types of custodians available, eligibility criteria, application and approval processes, annual reporting obligations, and procedures for terminating custodial relationships. The primary focus is on ensuring that notes and related documents are properly certified and safeguarded according to Freddie Mac's guidelines.

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What credit score do you need for a Freddie Mac loan?

Credit score. Both Fannie Mae and Freddie Mac require a minimum credit score of 620 for fixed-rate mortgages. However, you may need a higher credit score for certain loan programs or to obtain better interest rates.

What are the guidelines for Freddie Mac home possible?

There are several requirements for these programs, including the following: The owner/investor of your loan has to be Fannie Mae or Freddie Mac. This is for low-income borrowers. You need to have a DTI of 65% or less. You have to be current on your mortgage. The property must be a one-unit primary residence.

Is there an income limit for Freddie Mac HomeOne?

The Freddie Mac HomeOne program doesnt set any limits on income. This makes it a good option for borrowers who have only a 3% down payment but earn more than the median income requirements set for the Fannie Mae HomeReady or Freddie Mac Home Possible programs.

What is the role of a document custodian?

The document custodian certifies the complete and accurate representation of the documents within its control. Under the terms of the Master Custodial Agreement, documents may be released to the Issuer from time to time in connection with servicing. Only the Issuer may request the release of documents.

Who qualifies for Freddie Mac loans?

Borrowers whose qualifying income is less than or equal to 140% of county area median income qualify for the BorrowSmart Access program. Borrowers whose qualifying income is less than or equal to 80% of county area median income may also qualify.

What are the occupancy requirements for Freddie Mac?

Freddie Mac Small Balance Loans have minimum occupancy requirements that must be met in order for a borrower to be approved. For most properties, this is set at 90% physical occupancy for 90 days before the loan is underwritten.

Does Freddie Mac allow custodial accounts?

A Custodial Account is a Demand Deposit Account or Interest-Bearing Deposit Account established and maintained by a Servicer at an Eligible Depository, into which Principal and Interest Payments, Escrow Funds and other monies due to Freddie Mac or held on behalf of Freddie Mac Mortgages are deposited.

How hard is it to get a Freddie Mac loan?

Fannie Mae and Freddie Mac have a rigorous underwriting process that borrowers must go through in order to qualify for a loan. This process can take several weeks, and during this time, the lender will review your financial situation and the property youre buying in order to make sure it meets their guidelines.

Get the up-to-date Custodial Options and Requirements Chapter - Freddie Mac 2025 now

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Got questions?

What credit score do you need for a Freddie Mac loan?

What are the guidelines for Freddie Mac home possible?

Is there an income limit for Freddie Mac HomeOne?

What is the role of a document custodian?

Who qualifies for Freddie Mac loans?

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People also ask

What are the occupancy requirements for Freddie Mac?

Does Freddie Mac allow custodial accounts?

How hard is it to get a Freddie Mac loan?

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Get the up-to-date Custodial Options and Requirements Chapter - Freddie Mac 2025 now

Here's how it works

How to change Custodial Options and Requirements Chapter - Freddie Mac online

Complete this form in 5 minutes or less

Got questions?

What credit score do you need for a Freddie Mac loan?

What are the guidelines for Freddie Mac home possible?

Is there an income limit for Freddie Mac HomeOne?

What is the role of a document custodian?

Who qualifies for Freddie Mac loans?

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People also ask

What are the occupancy requirements for Freddie Mac?

Does Freddie Mac allow custodial accounts?

How hard is it to get a Freddie Mac loan?

Related links

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