19-18: Release of Freddie Mac’s HomeOne Option and Update to Conventional LLPAs
Release of HomeOne Option
PennyMac is pleased to announce the release of Freddie Mac’s HomeOne option. Highlights of the program include:
- Minimum 3% down payment
- At least one borrower must be a first time homebuyer for purchases
- No income restrictions
- Standard MI requirements
Please see the PennyMac Freddie Mac Product Profile and Freddie Mac Single Family Seller/Servicer Guide for complete details.
*Best Effort rate sheets will be updated March 22nd to display HomeOne pricing. The new “HomeOne” tab will feature base pricing grids.
Updates to Conventional LLPAs
Effective for all Best Effort and AOT-DT commitments taken on or after Wednesday, March 13th , 2019, PennyMac is revising the values contained on the ‘Conv LLPAs’ tab. The updated values will apply to the ‘Risk Based Price Adjustments’ grids only.
A sample of the updated rate sheet(s) will be posted to the PennyMac Portal after 6:00 PM (PT) Monday, March 11th, 2019. Sample rate sheet(s) will be available for download shortly after the standard rate sheet email notification is sent from ‘PennyMac Seller Pricing’ <firstname.lastname@example.org>.
Note: Sample rate sheet(s) posted to the portal after 6 PM (PT) are intended only to communicate the rate sheet changes as described above. Loan program base pricing will be blank. Rate sheets posted the following morning will be effective for new commitments.
Please contact your Sales Representative with any questions.