4605.2: Eligibility and delivery for Freddie Mac HomeOneSM Mortgages (Effective date 11/01/18)

(a) Eligibility requirementsThe following requirements apply to HomeOneSM Mortgages:

	Topic	Requirement
1.	Underwriting path	HomeOne Mortgages must be Loan Product Advisor® Mortgages with a Risk Class of Accept
2.	Amortization type	HomeOne Mortgages must be fixed-rate Mortgages
3.	Ineligible Mortgages	Affordable Merit Rate® Mortgages A-minus Mortgages Seasoned Mortgages Financed Permanent Buydown Mortgages Seller-Owned Modified Mortgages and Seller-Owned Converted Mortgages Mortgages with capitalized balances as described in Chapter 4403 FHA and VA Mortgages Section 502 GRH Mortgages Section 184 Native American Mortgages Super conforming Mortgages as described in Chapter 4603 Freddie Mac Relief Refinance MortgagesSM – Same Servicer and Freddie Mac Relief Refinance Mortgages – Open Access Home Possible® Mortgages Freddie Mac Enhanced Relief Refinance® Mortgages
4.	Number of units/property type	HomeOne Mortgages must be secured by 1-unit properties that are not Manufactured Homes
5.	Occupancy	All Borrowers must occupy the Mortgaged Premises as their Primary Residence
6.	Maximum LTV/TLTV/HTLTV ratios	The maximum loan-to-value (LTV)/total LTV (TLTV)/ Home Equity Line of Credit (HELOC) TLTV (HTLTV) ratios for the Mortgages are as follows: Maximum LTV ratio: 97% Maximum TLTV ratio for Mortgages with secondary financing that are not Affordable Seconds®: 97% Maximum TLTV ratio for Mortgages with Affordable Seconds: 105% Maximum HTLTV ratio: 97%
7.	Mortgage purpose	HomeOne Mortgages must either be: Purchase transaction Mortgages, or "No cash-out" refinance Mortgages meeting the following requirements: For Mortgages with LTV and/or HTLTV ratios greater than 95%, the Mortgage being refinanced must be owned in whole or in part or securitized by Freddie Mac For Mortgages with TLTV ratios greater than 95% with secondary financing that is not an Affordable Second, the Mortgage being refinanced must be owned in whole or in part or securitized by Freddie Mac For Mortgages with TLTV ratios greater than 95% with secondary financing that is an Affordable Second, the Mortgage being refinanced does not have to be owned or securitized by Freddie Mac
8.	Borrower eligibility	For purchase transaction and "no cash-out" refinance Mortgages, at least one Borrower on the transaction must have a usable Credit Score as determined by Loan Product Advisor For purchase transaction Mortgages, at least one Borrower must be a First-Time Homebuyer
9.	Homeownership education	For purchase transaction Mortgages, when all Borrowers are First-Time Homebuyers, at least one Borrower must participate in a homeownership education program according to the requirements in Section 5103.6

(b) 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 cash-out" refinance Mortgages.