Freddie Mac partners-up for program to address demographics struggling with home ownership
Nation: Freddie Mac has partnered with two non-bank lenders for a 12-month pilot program to assist demographics that had been struggling to purchase a home.
First-time and low-to-moderate income applicants are the demographics most likely to benefit from the program’s parameters, as the income of those people living in the home but not listed on the mortgage can have their income factored into decisions, while income from secondary/seasonal/self-employed jobs can also be more readily factored in.
After September 2017, Freddie Mac will evaluate the program to determine whether to extend, expand, and/or alter the program to continue initiatives to make underwriting methods more accurately account for the situations of borrowers.
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