In Single-Family Seller/Servicer Guide (Guide) Bulletin 2021-21 we are announcing a cap structure on the sale of mortgages secured by second homes and/or investment properties.

For Sellers that sell more than five loans secured by second homes and/or investment properties, such loans may not be more than 6.5% of total monthly unpaid principal balance (UPB) for July sales, and thereafter not more than 6%. 

This new policy will help us manage to the acquisition limit that the amended and restated Senior Preferred Stock Purchase Agreement (PSPA) has placed on Freddie Mac. The amended PSPA requires us to limit our purchases of mortgages secured by second homes and/or investment properties to 7% of our total purchases. This is measured by funded UPB on a rolling basis using the prior 52-week period. 

This cap is intended to be temporary and may be revised as needed.