© 2018 Freddie Mac Single-Family Seller Servicer Guide
A Freddie Mac-approved Mortgage insurance policy issued by an MI that, as of the Delivery Date, is a Freddie Mac-approved MI (see Exhibit 10, Freddie Mac-Approved Mortgage Insurers) is required on each conventional Mortgage Freddie Mac purchases that has a loan-to-value (LTV) ratio of more than 80%. The LTV ratio is obtained by dividing the original loan amount by the value, as defined in Section 4203.1. The "value" of Mortgaged Premises located in the State of New York, as used solely for the purpose of determining whether mortgage insurance is required or should be canceled, is the appraised value of the Mortgaged Premises on the Note Date of the Mortgage. (This definition of the "value" of Mortgaged Premises located in the State of New York applies only to the above-stated mortgage insurance requirements, and is not applicable for any other purposes under the terms of the Purchase Documents. In particular, this definition of "value" is not applicable in determining the LTV ratios for the required percentage of mortgage insurance coverage.)
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| Transaction type | Mortgage insurance coverage | LTV ratio | |||
| > 80% & <85% | > 85% & <90% | > 90% & <95% | >95% & <97% | ||
| Fixed rate, term < 20 years | Standard | 6% | 12% | 25% | N/A |
| Custom* | N/A | N/A | 16% | N/A | |
| Standard | 12% | 25% | 30% | N/A |
| Custom* | 6% | 12% | 16% | N/A | |
| Home Possible® Mortgages, fixed rate, term < 20 years | Standard | 6% | 12% | 25% | 25% |
| Custom* | N/A | N/A | 16% | 18% | |
Home Possible Mortgages:
| Standard | 12% | 25% | 25% | 25% |
| Custom* | 6% | 12% | 16% | 18% | |
1 Manufactured Homes and ARMs are limited to a maximum LTV ratio of 95%.
* If custom mortgage insurance is chosen, in addition to all other applicable Credit Fees in Price, the custom mortgage insurance Credit Fee in Price in Exhibit 19 applies, including on Home Possible Mortgages.
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Additional Resource: https://www.allregs.com/tpl/Viewform.aspx?formid=00051757&formtype=agency#page=525