Freddie Mac Form 1077 - Uniform Underwriting And Transmittal Summary Page 3

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Instructions, Continued
Field
Special Instructions
Indicate the interest rate that was used to calculate the monthly payment at which the borrower was qualified for the
mortgage. When the payment is based on the actual interest rate of the mortgage, check the "Note Rate" box. When we
require the borrower for an adjustable-rate mortgage to be qualified at the maximum interest rate that could be in effect at
the end of the first year, check the box that shows "_____% Above Note Rate _____%" and enter the annual interest rate
Qualifying Rate
cap in the first blank and the resulting interest rate in the second blank. When a mortgage is subject to a temporary interest
rate buydown plan and we permit the borrower to be qualified at the bought down rate, check that box and enter the
applicable "Bought-Down Rate." If the fully indexed rate was used for qualifying the borrower, the "Other" box should be
checked.
Indicate the level of fieldwork performed to support the sales price or market value (for example, the appraiser inspected
Level of Property Review
both the interior and exterior of the property, the exterior only, or an appraisal was not required in the particular transaction).
Indicate the number of the appraisal form used based on the type of inspection and/or the type of property being appraised.
Section IV. Seller, Contract, and Contact Information
This section includes basic information related to the mortgage seller, the contact person for a specific mortgage loan, and the commitment under which the
mortgage is delivered. Although a specific space is not provided in this section for the contact's e-mail address, the seller may add it in the "Contact Phone
Number" field.
Instructions Page 2 of 2

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