Freddie Mac Single-Family Seller/Servicer Guide 4605.1 — HomeOne® Mortgages
Freddie Mac Single-Family Seller/Servicer Guide Section 4605.1 — HomeOne® Mortgages.
Verbatim regulatory text
Verbatim provisions from Freddie Mac Single-Family Seller/Servicer Guide 4605.1 — HomeOne® Mortgages — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.
Freddie Mac Single-Family Seller/Servicer Guide 4605.1 — HomeOne® Mortgages
HomeOne® Mortgages are Mortgages with loan-to-value (LTV), total LTV (TLTV) and/or Home Equity Line of Credit (HELOC) TLTV (HTLTV) ratios above 95% originated in accordance with the requirements of the Guide and this chapter. This section contains requirements related to: ■ Eligible Mortgages ■ Ineligible Mortgages ■ Mortgage purpose ■ Property eligibility ■ Occupancy requirement ■ Underwriting requirements ■ Maximum LTV/TLTV/HTLTV ratios ■ Borrower eligibility ■ Homeownership education ■ Delivery requirements (a) Eligible Mortgages HomeOne Mortgages eligible for sale to Freddie Mac must be both of the following: ■ A fixed-rate Mortgage; and ■ An Accept Mortgage (b) Ineligible Mortgages Mortgages with the following characteristics are not eligible for sale to Freddie Mac as HomeOne Mortgages: ■ Freddie Mac Enhanced Relief Refinance® Mortgages ■ Financed Permanent Buydown Mortgages ■ Government Mortgages ■ HeritageOne® Mortgages ■ Home Possible® Mortgages ■ Refi Possible® Mortgages ■ Seller-Owned Converted Mortgages ■ Seller-Owned Modified Mortgages ■ Super conforming Mortgages as described in Chapter 4603 (c) Mortgage purpose A HomeOne Mortgage must be either a: ■ Purchase transaction Mortgage, or ■ “No cash-out” refinance Mortgage meeting the following requirements: ❑ The Mortgage being refinanced must be owned in whole or in part or securitized by Freddie Mac when: ■ The LTV and/or HTLTV ratio is greater than 95%, or ■ The TLTV ratio is greater than 95% with secondary financing that is not an Affordable Second® ❑ The Mortgage being refinanced does not have to be owned or securitized by Freddie Mac when the TLTV ratio is greater than 95% with secondary financing that is an Affordable Second (d) Property eligibility HomeOne Mortgages must be secured by a 1-unit Primary Residence that is not a Manufactured Home, unless the Manufactured Home is a CHOICEHome®. (e) Occupancy requirement For HomeOne Mortgages, all Borrowers must occupy the Mortgaged Premises as their Primary Residence. (f) Underwriting requirements For HomeOne Mortgages, at least one Borrower on the transaction must have a usable Credit Score as determined by Loan Product Advisor®. (g) Maximum LTV/TLTV/HTLTV ratios For HomeOne Mortgages, the maximum LTV/TLTV/HTLTV ratio is 97%. Exception: For HomeOne Mortgages with Affordable Seconds, the maximum TLTV ratio is 105%. (h) Borrower eligibility For HomeOne purchase transaction Mortgages, at least one Borrower must be a FirstTime Homebuyer. (i) Homeownership education For HomeOne purchase transaction Mortgages when all Borrowers are First-Time Homebuyers, at least one Borrower must participate in a homeownership education program in accordance with Section 5103.4. (j) Delivery requirements See Section 6302.41 for special delivery requirements for HomeOne Mortgages that are purchase transaction Mortgages. See Section 6302.16 for delivery requirements for HomeOne Mortgages that are “no cashout” refinance Mortgages.
Operationalizing Freddie Mac Single-Family Seller/Servicer Guide 4605.1 — HomeOne® Mortgages
This is verbatim, source-snapshotted regulator text from the Claude for Compliance open corpus. To turn a rule like this into compliance work product: gap-analyze your policies and procedures (P&Ps) against these requirements to surface stale, conflicting, or missing provisions; operationalize any change with a ready-to-run update kit; and produce audit-ready evidence — every step grounded only in the regulator’s own words, never invented.
To work from the whole rulebook rather than this one page: download the corpus — every register on this site, verbatim, each with its source snapshot and effective date — then follow the methodology. It asks your assistant to answer only from the downloaded text, cite the register id and effective date it used, and tell you when the corpus does not cover something instead of filling the gap from memory. Running it locally also means no one sees which regulations you are looking at.
Source of record: https://claudeforcompliance.com/regs/fhlmc-4605-1/
· register fhlmc-4605-1 · Claude for Compliance. Free to read and download;
see regulatory updates and methodology.