19-26: Freddie Mac Bulletin 2019-7 Home Possible and Second Homes

04/19/2019

Freddie Mac Bulletin 2019-7 Home Possible and Second Homes

PennyMac is aligning with the updates in Freddie Mac Bulletin 2019-7, including but not limited
to the following. Effective dates are included below.

Home Possible Updates
Currently Home Possible does not have a separate limit of the number of financed properties
a borrower may own.

Effective with loans purchased on or after June 3, 2019, PennyMac is aligning with Freddie
Mac’s update to the number of financed properties on Home Possible. The occupying
borrower must not have an ownership interest in more than two financed residential
properties, including the subject property, as of the note date. All loans with occupying
borrowers who have ownership interest in more than two properties must be purchased on or
before June 2, 2019.

Second Home Mortgages
Effective immediately, PennyMac is aligning with Freddie Mac’s updates to second home
requirements. Second homes are eligible for purchase by PennyMac when meeting Freddie
Mac’s requirements for second homes including properties with seasonal limitations on
occupancy and properties subject to short term rentals. See Freddie Mac Selling Guide
4201.15 and 5601.2 for complete details.

Please contact your Sales Representative with any questions.