Freddie Aids Renter-to-Homeowner Effort

A new initiative to help holders of federal housing rental vouchers become homeowners has been launched by Freddie Mac, the Montgomery County (Pa.) Housing Authority, and Harleysville National Bank and Trust Co.The Choose to Own Montgomery County campaign will provide holders of Section 8 Housing Choice rental vouchers greater access to special 30-year, fixed-rate Community Gold mortgages through Freddie Mac and Harleysville National Bank. Community Gold mortgages offer more underwriting flexibility and permit downpayments of as little as 2% of the purchase price, Freddie Mac said. "By purchasing mortgages made by Harleysville National Bank, Freddie Mac ensures a constant flow of mortgage credit to Montgomery County borrowers eligible for the Housing Choice voucher program," the government-sponsored enterprise said. The initiative is aimed at boosting the MCHA's existing effort to help qualified low-income residents use rental vouchers for homeownership. The housing authority was awarded a grant from the Montgomery County commissioners to provide closing-cost assistance in the form of a loan that is forgivable after eight years of homeownership, Freddie Mac said. The GSE can be found online at http://www.freddiemac.com.