Freddie Mac has tightened its guidelines on mortgages for cashout refinances, second homes and investor properties. This is the second set of program updates since February.

Borrowers on second homes cannot own more than four financed properties, including the second home, Freddie explained in a seller-servicer bulletin issued today. The limitation applies to 1- to 4-unit properties.

The secondary lender said the four financed-property maximum also applies to non-owner occupied loans. Previously, a borrower could own up to 10 financed residential properties.

In addition, Freddie noted borrowers on cashout loans must own the subject property for at least six months prior to the refinance note date. The cashout rule even applies to refinance loans if the seller refinanced a cashout loan less than six month following the cashout transaction.

In February, Freddie announced updates to its fees and loan-to-values.

The changes announced today by the McLean, Va.-based company are effective Aug. 1.