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Hughes Shelton Group
Hughes Shelton Group
Thursday, 19 March 2015 / Published in Blog, General, News, Uncategorized

Freddie’s 3% Downpayments Start Next Week

Freddie Mac will begin offering mortgages with downpayments of only 3 percent – the first time they’ve been this low on the GSE’s loans in nearly five years – starting March 23. The move is expected to make more credit available to entry-level borrowers.

“By launching our 3 percent downpayment mortgage now, at the start of the spring home buying season, lenders will be ready to serve qualified working families who are ready to buy and keep the recovery going,” writes Dave Lowman, executive vice president for Freddie Mac’s single-family business, on its Executive Perspectives blog.

Fannie Mae began insuring 3 percent down payment mortgages in December.

The Federal Housing Finance Agency (FHFA), conservator of Fannie Mae and Freddie Mac, recently said it wanted to make it a priority to “work to increase access to mortgage credit for creditworthy borrowers,” according to FHFA’s 2015 Scorecard for Freddie Mac. Tight credit conditions and high downpayment requirements in recent years have been blamed for sidelining potential homebuyers and causing a sluggish housing recovery.

Besides 3 percent downpayments, Freddie Mac’s Our Home Possible Advantage Program, aimed at supporting first-time buyers as well as low- and moderate-income borrowers, is allowing no minimum from borrowers in contributions. That means parents or relatives can now cover 100 percent of the downpayment through gifts.

Source: “Advantage: Home Buyers,” Freddie Mac (March 9, 2015)

Tagged under: buying, downpayment, fannie, first time home buyer, freddiemac, freedie, mortgage
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Hughes Shelton Group is a team of real estate agents affiliated with compass, a licensed real estate broker and abides by equal housing opportunity laws. all material presented herein is intended for informational purposes only. information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. no statement is made as to accuracy of any description. all measurements and square footages are approximate. this is not intended to solicit property already listed. nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.

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