| Message Code | Message Text |
|---|---|
| Note: Messages are based on loan submission and may not be applicable to all users | |
| 1Y | Mortgage Insurance may be required on this mortgage. |
| 2V | If rental income from the subject property is used to qualify, provide evidence of rent loss insurance coverage in an amount equal to the gross monthly rent for at least six months |
| 2B | If rental income is used to qualify, borrower must demonstrate at least a two-year landlord history regardless if rental income yields a positive or negative cash flow |
| 2D | Financing concessions cannot exceed two percent of value. |
| 2E | None of the borrowers may have individual and/or joint ownership of more than ten 1- to 4-unit financed residential properties, including the subject property. |
| 2F | If any borrower has individual and/or joint ownership in more than one financed residential investment property (including the subject property), this mortgage is ineligible for delivery under the A-minus offering. |
| 2G | Documentation is required to evidence that any junior lien paid off from the proceeds of a ‘no cash out' refinance must have been used in its entirety to acquire the subject property. |
| 2J | A minimum 5% down payment must come from the owner occupant's funds. |
| 3H | Investment Property – gift funds are not allowed. |
| Message Code | Message Text |
|---|---|
| Note: Messages are based on loan submission and may not be applicable to all users | |
| A5 | Ratio Warranty: Not required to determine if the borrower's primary housing expense-to-income, total obligation-to-income, and debt-to-housing gap ratios meet Freddie Mac Requirements. |
| A6 | Ratio Warranty: Required to determine if the borrower's primary housing expense-to-income, total obligation-to-income, and debt-to-housing gap ratios meet Freddie Mac Requirements. |
| E7 | If credit report does not show the required monthly payment for an installment account, the file must be documented with evidence of the required payment amount. Examples of acceptable documentation would include a copy of the payment coupon, a copy of the original contract or direct verification obtained from the creditor. |
| 46 | Loan Type ineligible—MAF not available for FHA or VA. Follow requirements of HUD Handbook (4155) or VA Lenders Guide for appraisal requirements. |
| CX | For an employed borrower who receives commission income, income on a per-job basis or contract basis, or is employed by the property seller, real estate broker or a closely held family business, obtain the most recent year signed individual complete federal income tax returns. |
| DM | For an employed borrower who receives commission income, income on a per job or contract basis, or is employed by the property seller, real estate broker or a closely held family business, obtain most recent two years signed individual federal income tax returns. |