Freddie Mac has expanded its affordable mortgage program to give active-duty soldiers and reservists more purchasing power when they buy a home.Under its Home Possible program, Freddie will purchase low- or zero-downpayment loans with flexible credit underwriting standards. If the borrower receives a gift from relatives or veterans' organization, the initial interest rate can be reduced by 150 basis points in the first year. This buydown of the interest rate effectively increases the soldier's or sailor's home purchasing power "by as much as 30%," Freddie Mac said in announcing its decision to expand the Home Possible program to 1.5 million military personnel. The secondary-market agency acted in response to requests by Sen. Ben Nelson, D-Neb., and the Hispanic War Veterans of America. The reduction in the interest rate is phased out over three years, and the source of the interest rate buydown funds can come from a wide range of sources, Freddie said.
-
The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
6h ago -
Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
7h ago -
Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
7h ago -
The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
8h ago -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
8h ago -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
9h ago