Fillable Aordable Seconds Checklist (Freddie Mac)

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Aordable Seconds Checklist (Freddie Mac)

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Check off the true statements.Checklist –
Affordable Seconds Checklist
www.SF.FreddieMac.com
The information in this document is not a replacement or substitute for information found in the Single-
Family Seller/Servicer Guide and/or the terms of your Master Agreement and/or Master Commitment.
Public
ation number 1012 | September 2021
Expand access to credit for your qualified borrowers with Affordable Seconds . Use the checklist
below to help you determine if your secondary financing meets Freddie Mac’s requirements for
Affordable Seconds.
If all of the statements below are true and the secondary financing otherwise meets Freddie Mac’s requirements
in the Freddie Mac Single-Family Seller/Servicer Guide
(Guide), the related first lien mortgage may be
eligible for delivery if the first lien mortgage satisfies Freddie Mac’s eligibility criteria and underwriting
requirements. This checklist does not apply to Affordable Seconds used to subsidize the sales price of a resale
restricted property. Refer to Guide Sections 4204.2 and 4406.2 for those requirements.
For complete requirements and steps on how to underwrite a first lien mortgage with an Affordable Second,
refer to Guide Sections 4204.1 and 4204.2.
Checklist continues on back
Source of Secondary Financing
The source is an Agency, typically a duly authorized authority or agency of the federal,
state, local or municipal government; a nonpr
ofit community or religious organization
other than a credit union; the borrower’s employer; or a regional Federal Home Loan Bank
under one of its affordable housing programs.
The source is not the property seller or another interested party to the transaction unless
it meets the special requirements in the box below.
Seller-Funded Affordable Seconds - Special Requirements
The Seller
Is a depository institution.
Has an Affordable Second program that supports the Community
Reinvestment Act (CRA) mandates.
Does not participate in the appreciation of the Mortgaged Premises.
®
®
745177176
www.SF.FreddieMac.com
The information in this document is not a replacement or substitute for information found in the Single-
Family Seller/Servicer Guide and/or the terms of your Master Agreement and/or Master Commitment.
Checklist – Check off the true statements. Continued from the front
The Affordable Second
Is not funded in any way through the mortgage transaction, including differential pricing in
rate, discount points, or fees for individual loans.
May be forgivable or repayable.
May be used toward the minimum down payment requirement.
The First Lien Mortgage
Is a purchase transaction mortgage secured by a 1-unit Primary Residence only.
Is a Home Possible mortgage submitted to Loan Product Advisor and
receives a risk classification of Accept.
Is a Retail Mortgage.
Publicat
ion number 1012 | September 2021
®
The proceeds from the secondary financing will be used for down payment assistance and/or
payment of closing costs.
The secondary financing will not result in
a priority lien.
T he interest rate on the secondary financing is not more than 2 percentage points higher than
the rate of the
first lien mortgage.
The terms of the secondary financing do not require a balloon payment before the maturity or
payment in full of the first lien mortgage.
The secondary financing is not a Home Equity Line of Credit.
Interest accruals when added to the principal do not increase the TLTV ratio beyond the maximum
TLTV ratio allowed for the first lien mortgage at any time during the term of the first lien mortgage.
®
For a mortgage secured by a 1-unit property, the total loan-to-value (TLTV) ratio for the first lien
and the secondary financing does not exceed 95%. For Affordable Seconds, the maximum
TLTV ratio is 105% when the first lien mortgage is a Home Possible or HomeOne
®
mortgage
secured by a 1-unit property.
745177176
Checklist – Check off the true statements. Continued from the front
www.SF.FreddieMac.com
The information in this document is not a replacement or substitute for information found in the Single-
Family Seller/Servicer Guide and/or the terms of your Master Agreement and/or Master Commitment.
More Information
Refer to Guide Bulletin 2019-22. Guide Section updates effective March 1, 2020.
Freddie Mac Guide Section 4204.2, Special Requirements for Affordable Seconds.
Affordable Lending Sources
: sf.freddiemac.com/homepossible
sf.freddiemac.com/affordableseconds
Public
ation number 1012 | September 2021
If the terms of the secondary financing so permit, an Agency or subsidy provider may share in the
appreciation of the Mortgaged Premises. For-profit entities may not participate in the
appreciation.
If the terms of the secondary financing permit the Agency or subsidy provider to share in the
appreciation of the Mortgaged Premises, at the time of origination of the Affordable Second, the
Agency’s or subsidy provider’s share of appreciation, as a percentage, does not exceed the
principal amount of the Affordable Second divided by value unless it meets Freddie Mac’s
requirements in Section 4204.2 (a) (vi).
745177176
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Aordable Seconds Checklist (Freddie Mac)

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Completed 13 May 2022

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