Washington Report

Advocacy Updates from Washington D.C.

GSE’s Detail Low Down-Payment Program

On December 8, 2014, Fannie Mae and Freddie Mac released details on new mortgage product offerings that will provide access to qualified borrowers able to put down at least 3%.  Both of the entities will require lenders to use automated underwriting systems to ensure borrowers have additional compensating factors such as history of successful use of credit or cash reserves to ensure they will be successful homeowners.  Lenders will be able start offering Fannie Mae’s product on December 13th, 2014, while Freddie Mac will implement the program on March 23rd, 2015.

Fannie Mae Announcement

Freddie Mac Announcement

Notice: The information on this page may not be current. The archive is a collection of content previously published on one or more NAR web properties. Archive pages are not updated and may no longer be accurate. Users must independently verify the accuracy and currency of the information found here. The National Association of REALTORS® disclaims all liability for any loss or injury resulting from the use of the information or data found on this page.

Advertisement