Fannie Mae, one of the biggest government-sponsored enterprises, is actively taking steps to address the persistent homeownership gap. The organization has announced the launch of new programs and the expansion of an existing downpayment assistance program.
One of the new programs is devoted to helping minority homebuyers get loans and secure homeownership. This program allows people to qualify and receive loan approval on their income alone, meaning that there is no need to verify an applicant’s debt-to-income ratio. Other new programs focus on flexible underwriting and automated underwriting processes to make the loan application process easier and more efficient for those who qualify.
In addition, Fannie Mae is expanding a successful downpayment assistance program from six states to eighteen. The program helps provide loan funds tailored to the needs of certain target demographic groups, such as low-income households and first-time buyers. Those who qualify can receive up to 3.5% of the purchase price of a home, in the form of a loan that will not have to be repaid as long as the buyer continues to live in the property.
Most notably, Fannie Mae is taking unique steps to tackle the nationwide problem of the homeownership gap and reduced access to credit. These new programs and the expansion of the existing downpayment assistance program are expected to benefit millions of prospective homebuyers.
Important elements:
– Fannie Mae announced launch of new programs and expansion of existing downpayment assistance program
– New programs focus on helping minority homebuyers and flexible, automated underwriting processes
– Downpayment assistance program available in 18 states, offering up to 3.5% of purchase price as loan
– Programs expected to benefit millions of prospective homebuyers
You can read this full article at: https://www.housingwire.com/articles/fannie-mae-announces-new-resources-and-assistance-programs-to-address-latino-homeownership-access/(subscription required)
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