Freddie Mac issued Bulletin 2025-9 (Bulletin) announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac:

• Updated project review requirements to include projects that are terminating or involved in insolvency proceedings as ineligible projects for loans secured by condo units in condo projects and cooperative share loans secured by cooperative interests in a cooperative project regardless of the project review type, including loans eligible for delivery under exempt from review;
• Updated temporary subsidy buydowns policy by allowing temporary subsidy buydowns for mortgages secured by manufactured homes (previously prohibited);
• Updated CHOICEHome requirements to permit either the Fannie Mae MH Advantage Sticker or the Freddie Mac CHOICEHome Label to evidence the manufactured home property meets the required construction elements for mortgages secured by CHOICEHome;
• Enhanced the Best Efforts Contract execution, enabling Sellers to take out a Best Efforts Contract without a loan;
• Rescinded the requirement to use the full risk premium to calculate the housing expense-to-income and debt payment-to-income ratios for mortgages where a flood insurance policy on the mortgaged premises shows a full risk premium and a discounted premium that was announced in Bulletin 2024-7 with subsequent postponements of the effective date announced in Bulletins 2024-12 and 2025-4;
• Updated the representation and warranty relief eligibility result for all asset and income modeler offerings from “Unable to Assess” to “Unavailable” to align with the Loan Product Advisor Specification and results on the Feedback Certificate;
• Updated Section 2402.2 (System-Specific License for Freddie Mac Loan Advisor) in connection with the upcoming rollout of the new Freddie Mac System, Gable and amended language in Guide Form 478 (Secondary Market Advisor Selling Agent Agreement) to speak generally to applicable Freddie Mac Systems used by Secondary Market Advisors;
• Clarified in Guide Exhibit 102 (Securities Trading Customer Agreement), that, when Freddie Mac may establish and amend credit limits on Securities, it reserves the right to do so with immediate effect and further clarified that all trades are subject to counterparty credit limits;
• Updated Section 6103.1 (Establishing a Securities Trading Account with Freddie Mac) to change a reference to the Cash Window Trading Desk to the Cash Window;
• Updated links to the Related Third Party agreement in Form 478 (Secondary Market Advisor Selling Agent Agreement) and Form 990SF (Agreement and Certificate of Incumbency: Warehouse Lender);
• Updated Exhibit 4A (Single-Family Uniform Instruments), to reflect revisions to the Maryland Deed of Trust (Form 3021 07/2021);
• Refactored Chapters 4401 (Adjustable Rate Mortgages), 5103 (Special Borrower Eligibility), 5302 (General Requirements for Documentation Used to Verify Employment and Income) and 5307 (Asset Qualification Sources); and
• Updated Guide section cross-references in our Glossary definitions of “Employer Assisted Homeownership (EAH) Benefit” and “Primary Residence” to align with the refactorings of Chapters 4201 and 5501 announced in Bulletins 2025-4 and 2025-6, respectively.

Revisions related to project review requirements are effective for loan applications dated on or after September 30, 2025; however, if the lender becomes aware of any of these actions prior to the required implementation date, the lender must apply the new policy immediately and notify Fannie Mae’s Project Standards team within 5 business days (lenders are, however, encouraged to implement these changes immediately). Revisions related to Best Efforts Contract execution are effective July 28, 2025. Revisions related to updating Exhibit 4A are effective for loans with Note dates on or after October 1, 2025. All other revisions went into effect July 2, 2025.

Click to view the Freddie Mac Guide Bulletin 2025-9: https://www.tenaco.com/wp-content/uploads/2025/07/Freddie-Mac-Guide-Bulletin-2025-9-07-02-25.pdf