ALERT – Guideline Updates for Freddie Mac

Effective immediately for all loans following Freddie Mac guidelines, Arc Home will align with the changes communicated by Freddie Mac in Bulletin 2023-6 for these topics:

·         Non-Occupying Borrower: Updated to indicate that a non-occupying borrower must not be an interested party to the transaction (i.e., the builder, property seller, real estate agent or broker).

·         Assumed Mortgage: Added a requirement for evidence that the assignee has made timely payments on the assumed mortgage for at least the most recent 12 months. Refer to Freddie Mac Selling Guide 5401.2 for complete details.