Freddie Mac CEO: Don’t expect low down payment mortgage craze

Even with the FHA getting into 3% down loans, it’s still a hurdle for first-time buyers to save up that down payment, and most don’t know about programs that could get them over the finish line.

I will now turn the call over to Freddie Mac’s Chief Executive Officer, Don Layton.. income borrowers with limited down payment savings.. you we don’t focus on it because we try to lift.

Chief Executive Officer, Freddie Mac Don is leading the nation’s effort to ensure responsible access to mortgage credit for working families and also to finance workforce rental housing. He will be at CONNECT to talk about how we can move housing forward together, and the critical role you play in the housing ecosystem.

In a surprise move, giant investor freddie Mac announced that it is ending purchases of certain low down payment loans that include lender contributions to the buyers’ down payments.

Economic uncertainty drove mortgage rates down, according to Freddie Mac data released Thursday, with the popular 30-year reaching its lowest level in nearly three years. The 30-year fixed-rate average fell to 3.55% from 3.60% — the lowest since November 2016 — with an average 0.5 point.

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If you want to combat higher housing prices, and end up with a lower monthly mortgage payment, consider saving for a larger down payment. It is possible to qualify for a mortgage today with a down payment as low as 3 percent of your home’s purchase price. But the larger your down payment, the more affordable your home will be.

These HARP changes allow these underwater borrowers whose mortgages are owned or guaranteed by Fannie Mae and Freddie Mac to take advantage of. Freddie Mac CEO: Don’t expect low down payment mortgage craze Email Lori@LBAWare.com to schedule a meeting with LBA Ware Founder and CEO Lori Brewer at The Mortgage. and low down payment options with caveats. Of course each promoted their strengths.

Consumers can expect to pay more to get a mortgage next year, the result of changes meant to reduce the role that Fannie Mae and Freddie Mac play in the market. nick timiraos joins the News Hub with details. Photo: Getty Images. Transcript. This transcript has been automatically generated and may not be 100% accurate.

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