Freddie Mac is teasing the ability to finance mortgages very soon. The company is promising tools that fulfill requests that professionals have made. The details were released in a recent Single-Family Report and features heavy quality of life updates.
The company highlighted what professionals can expect once the system is updated and the highlights included:
The ability to "do more business and expand your affordable footprint in historically underserved markets.
Finance more mortgages for families with low to moderate income in the rural housing market.
Preserve housing affordability under shared equity homeownership programs through community land trust model or income-based resale restrictions.
Help borrowers who may need sources of down payment.
Take advantage of simpler underwriting requirements.
The company also included how they plan to fulfill the promises above by introducing a new product that will help balance the "three competing priorities."
"Additionally, you told us that insufficient funds for a down payment is a significant barrier for borrowers, especially in rural markets," according to the report.
"We took a look at our Home Possible® sweat equity parameters and are enhancing them so that creditworthy families with low-to-moderate incomes will have more flexibility by using sweat equity as a down payment source."
To learn more about Freddie Mac's upcoming plans, click on the image above.