Items Tagged with 'Home Possible Advantage Program'

ARTICLES

  • Lenders react to end of Freddie Mac 1% down payment mortgage offerings

    Quicken Loans and UWM weigh in
    0% down and 1% down mortgage offerings just started to gain traction in the industry before Freddie Mac announced it completely nixed the program option. So what was the goal in rolling out the 3% down or less options? Help spur homeownership and give first-time homebuyers an affordable conforming, conventional mortgage option. And according to an interview with Quicken Loans and United Wholesale Mortgage that is exactly what the programs were doing.
    Read More
  • Freddie Mac kills 1% down payment mortgages

    Borrowers must now use their own money for entire 3% down
    Freddie Mac announced it is changing the requirements to its low down payment mortgage program and will no longer allow lenders to contribute gifts or grants to reach the 3% down requirement. Borrowers must now front the entire 3% down payment from their personal funds, meaning the industry can say goodbye to the 1% down mortgage, at least from Freddie Mac.
    Read More
  • 6 myths about Freddie Mac's 3% down mortgage

    Don't let these block you
    Freddie Mac designed this program to help more first-time homebuyers and other qualified borrowers jump into the market, but it has struggled to get off the ground due to lender fears and even borrower misconceptions. To help combat the lack of information, Freddie Mac designed this handy flash card to dispel some of the common myths about its program.
    Read More