Freddie Mac has set a November implementation date for its plan to tighten restrictions on seller-funded down payments.

"As of Nov. 1, we'll no longer allow gifts or grants from the originating lender for the first 3% of the down payment," said Lisa Tibbitts, a spokeswoman for Freddie Mac in an email on Friday.

The lender can, however, make gifts or grants after the 3%-threshold is met; and borrowers can get funds for the 3% down payment from certain other sources through Freddie's Home Possible Advantage program.

"To meet the 3% threshold, the funds can come from the borrower himself, a related person, government agencies, employer housing programs and affordable seconds," she added.

Freddie set the date in a seller guide update July 26.

Some lenders had already started phasing out seller-funded down payments in conjunction with Freddie Mac loans after the government-sponsored enterprise initially laid out plans for the change earlier this month.

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