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

Jul 28, 2017By

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.

3d rendering of a row of luxury townhouses along a street

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