Freddie Mac, Quicken Loans partner to offer low-down payment mortgages
Innovative new programs tailored to first-time and Millennial buyers
Freddie Mac and Quicken Loans are partnering to pilot a series of initiatives aimed at helping provide more Americans the opportunity to achieve homeownership.
The new partnership was announced at the Mortgage Bankers Association’s 102nd Annual Convention and Expo in San Diego, California.
Nearly 4,500 real estate finance professionals are in San Diego this week for the Mortgage Bankers Association's 102nd Annual Convention & Expo. HousingWire is covering the conference.
“We are proud to join Quicken Loans in a new partnership dedicated to increasing homeownership opportunities and simplifying the process of originating and delivering high quality mortgages,” said Dave Lowman, executive vice president of Freddie Mac's single family division. “The partnership has a simple goal. We are leveraging our unique strengths to explore simple straightforward approaches to mortgage products, technology and borrower outreach strategies.”
Lowman said that Freddie hopes to use the results from these efforts to make it easier for all of their customers, and the industry, to make successful homeownership possible for a wider range of qualified borrowers.
“Today’s announcement marks one more way Freddie Mac is engaging with its customers to help them innovatively build stronger businesses and a stronger housing finance industry that expands affordable housing opportunities for America’s families,” Lowman said.
The program will feature unique, co-developed products to meet the needs of emerging markets, including Millennials, first-time homebuyers and middle-class borrowers.
It will explore numerous modifications and expansions to Freddie Mac’s current Home Possible mortgage products, and will also include continued homebuyer education. Home Possible enables eligible borrowers to finance a house with a down payment of as little as 3%.
“Quicken Loans is committed to helping qualified clients achieve their dreams of owning a home. Homebuyer demographics will continue to significantly shift in upcoming years, and mortgage programs must evolve to serve the needs of groups like first-time buyers and minority groups,” Bill Emerson, Quicken Loans CEO, said. “This partnership will create programs that will open the door of homeownership to many of America’s families.”