This is either the perfect ADU loan product, or an unusable mess -- depending on how it gets implemented. But it's up for public comment right now so you can actually email the FHFA and help them guide Freddie Mac toward the perfect implementation. In my eyes, that's making sure that the max loan amount is high enough for this product to be used with Accessory Dwelling Units (ADUs) and other large residential projects in expensive housing-starved markets like California.
Long video here: • New Freddie Loan PERFE...
Email your public comment to: RegComments@fhfa.gov
Template email and more information here: ryanohousing.ghost.io/new-fre...
Look up if Freddie owns your primary mortgage: myhome.freddiemac.com/resourc...
You can read the announcement here: www.fhfa.gov/Media/PublicAffa...
You can read the loan details here: www.fhfa.gov/SupervisionRegul...
Special thanks to our sponsors Renofi (who offer a second position loan that is less restricted than this Freddie product, in many ways). Check them out here: loan.renofi.com/how-to-adu
Special thanks to Julee Felsman for help putting this video together. You can watch her channel here: • Mortgage Interest Rate...