Industry News

Freddie Mac unveils new home loan options

Mortgages require as little as $500 in borrower cash

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Borrowers with limited credit and savings have more options with a new suite of mortgage products from Freddie Mac, including the Home Possible Mortgage and the Home Possible Neighborhood Solution Mortgages. The new Home Possible Mortgage combines borrower education and early delinquency counseling, zero and 3 percent down payment mortgage products, and flexible credit requirements. An additional new program, Home Possible Neighborhood Solution Mortgages, offers the same flexibility plus special features designed to boost home-buying options for teachers, law enforcement officers, firefighters and health care workers by as much as 30 percent in some cases. The loan products are available through Freddie Mac's national network of more than 2,000 lenders and 10,000 mortgage brokers using Loan Prospector, Freddie Mac's automated underwriting service. Both products are available as 15-, 20- and 30-year fixed-rate mortgages or as 7/1 or 10/1 adjustable-rate mortgages for one-unit pro...