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Freddie Mac Flex Modification Reference Guide

Freddie Mac Flex Modification Reference Guide January 2022 January 2022 Freddie Mac Learning Page i Freddie Mac Flex Modification Reference Guide Eligibility Requirements for Flex Modifications ..2 Exclusions ..4 Exceptions ..5 Soliciting the Borrower for a Flex Modification ..5 Streamlined Offer for Flex Evaluating the Borrower for a Flex Modification ..6 Documentation Requirements for Flex Modifications ..7 Determine the Post- Modification MTMLTV Ratio ..7 Flex Modification for Borrowers with a COVID-19 Related Hardship ..8 Determine Eligibility for a Flex Modification Trial Period Plan Based on Estimated Modification Terms: Borrowers with a COVID-19 Related Hardship.

P&I payment that is less than or equal to the pre-modification P&I payment. − If the mortgage being modified is an adjustable-rate mortgage or an interest only mortgage, you must consider the monthly payment due (whether that payment due is a P&I payment or an interest-only payment) in effect at the time you

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