Today’s Single-Family Seller/Servicer Guide (Guide) Bulletin 2010-2 announces a change to our condominium project review requirements in response to recent changes FHA made to its condominium project eligibility requirements.
Effective for mortgages with application dates on or after February 1, 2010:
- You
may only use FHA condominium project approval to determine the eligibility
of FHA and certain other federally guaranteed or insured condominium unit
mortgages for sale to Freddie Mac.
- Conventional
conforming condominium unit mortgages in FHA-approved condominium projects
may still be eligible for sale to Freddie Mac provided the condominium
project meets our requirements.
As a reminder, borrowers with Freddie Mac-owned mortgages in all condominium projects are eligible for our Freddie Mac-owned Streamlined Refinance Mortgage and Freddie Mac Relief Refinance MortgageSM – Same Servicer. These offerings do not ask you to again satisfy condominium project eligibility requirements and provide qualified borrowers with refinancing opportunities that can help them achieve greater homeownership stability for the long term.
Please carefully review Guide Bulletin 2010-2 for more information on today’s change to our condominium project review requirements.
If you have questions about the information in today’s Guide Bulletin, please contact your Freddie Mac representative or call 800-FREDDIE.
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