Freddie Mac CEO: Lenders should offer more low down payment mortgages

Freddie Mac CEO Donald Layton told an audience at the Mortgage Bankers Association annual convention in San Diego on Monday that the surprise announcement last year by FHFA Director Mel Watt instructing his company and Freddie Mac to buy loans with down payments as low as 3% was a net positive and that more low down payment products could be on.

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 · Fannie and Freddie already back mortgages with as low as 5% down. And the Federal Housing Administration insures 3.5% loans. Still, according to Mark Palim, who directs economic and strategic research at Fannie Mae, it’s a welcome expansion of credit.

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The Fannie Mae HomeReady mortgage program provides an incredible opportunity to buy a home, or refinance an existing mortgage. This program offers flexible requirement guidelines, competitive loan terms, and a low down payment option. Fannie Mae HomeReady Highlights This unique.

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Don’t miss this opportunity to network with Freddie Mac leadership and other conference attendees in the mortgage industry. Servicing-Released XChange SM. Join our secondary marketing experts and learn more about Freddie Mac’s servicing-released options so you can more efficiently manage your assets.

Conforming loans allow for down payments as low as 3%, loan amounts are limited by the Federal Housing Finance Agency. For larger loan amounts, nonconforming jumbo loans typically offer funding of up to $3 million, but have stricter eligibility criteria and higher rates. Find out more about mortgages and if a conventional loan is for you.

Freddie Mac’s policy switch won’t mean that very low down payment mortgages will disappear from the marketplace. Fannie Mae, Freddie’s larger competitor, continues to offer. of these loans.

 · Under these programs, a lender might reduce the required minimum down payment on a Freddie Mac “Home Possible Advantage” loan from 3 percent to just 1 percent. The two percentage-point difference would be provided by the lender as a gift.

WASHINGTON (MarketWatch)-Low-down-payment mortgages "can be safely and responsibly made," the chief executive of federally controlled housing-finance giant fannie mae said Thursday. On a.

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Second mortgage loans: The most common down payment source, these have low or no interest rates and the payments are deferred over a specific time period. Tax credits: Certain states and local governments, including Housing Finance Agencies, issue mortgage credit certificates which reduce the amount of income tax you pay, thus giving you more available income upfront to make your down payment or pay for closing costs.