Freddie Mac has made changes to refinance mortgage eligibility and underwriting requirements. Effective with mortgages with settlement dates on or after May 1, Freddie Mac will require verification of funds for all refinance mortgages, eliminate Freddie Mac-owned streamlined mortgages and require that a purchase money mortgage be seasoned for 120 days to be refinanced as a “no cash-out” refinance mortgage.

Click here to read the release from Freddie Mac.