Closing Complex Loans Faster With a Digitized Client Workflow

Join us for a discussion on changes in market demographics, suppliers and how focusing on customer experience and a few simple steps during the mortgage loan process can close deals 3x faster.

engage.marketing event: All eyes on purchase

To help power your business forward, we’re bringing together the smartest minds in purchase mortgage marketing to share the insights, tactics and strategies that set leaders apart.

Home appraisal’s ugly history and uncertain future

This is Part I of a deep dive into the home appraisal industry. Today we explore the origins of the appraisal industry and its current lack of diversity.

Loan quality lessons learned from 2020

HousingWire recently spoke with Trevor Gauthier, CEO of ACES Quality Management, about the effects of 2020 on loan quality and what lenders should expect regarding loan quality and risk management this year.

Mortgage

Freddie Mac launches Home Possible Advantage program with 97% LTV

Offers 3% down payments

Freddie Mac announced its Home Possible Advantage program, an affordable conforming, conventional mortgage with a 3% down payment to help more first-homebuyers and other qualified borrowers jump into the market.

“Home Possible Advantage gives qualified borrowers with limited downpayment savings a responsible path to homeownership and lenders a new tool for reaching eligible working families ready to own a home of their own. Home Possible Advantage is Freddie Mac’s newest effort to foster a strong and stable mortgage market,” Dave Lowman, executive vice president of Single-Family Business at Freddie Mac.

The new program offers qualified low-and moderate-income borrowers a conforming conventional mortgage with a maximum loan-to-value of 97% and can be used to buy a single unit property or for a “no cash out” refinance of an existing mortgage.

Freddie is not limiting its product to first-time homebuyers. But if they are first-time homebuyers, they must participate in an acceptable borrower education program, like Freddie Mac’s CreditSmart, to qualify for Home Possible Advantage.

Since this product is a lot newer for Freddie, it is waiting to implement the product until March 23 to give itself more time to do some foundation work, officials said on a conference call with reporters Monday morning.  

Meanwhile, Fannie Mae is rolling out an option for qualified first-time homebuyers that will also allow for a down payment as low as 3%.

Most Popular Articles

Fannie Mae, and the housing market’s inflation problem

Another month of steadily increasing home prices and insatiable demand led Fannie Mae’s Economic and Strategic Research Group to alter many of its 2021 predictions – in particular, its outlook on the symbiotic relationship between the housing market and inflation measures.

Jun 16, 2021 By

Latest Articles

The Mortgage Collaborative to host in-person conference in September

Now that the world is reopening, TMC is thrilled to be hosting its first in-person conference since February 2020. From September 18-21, TMC members and partners will coalesce at the stunning Terranea Resort in Rancho Palos Verdes, Calif.

Jun 21, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please