Freddie Mac mortgage pilot program expands options for diverse communities

Freddie Mac mortgage pilot program expands options for diverse communities

 

TUSTIN, California, September 19, 2016 / PRNewswire-HISPANIC PR WIRE / - New American Funding and Alterra Home Loans, two national mortgage banks, announced the launch of Your Path (His way), a new loan program that offers opportunities to buy affordable housing taking into account the changing demographics of American borrowers. Based mortgages "Home Possible" with low initial payments Freddie Mac, this pilot program provides greater flexibility for eligible borrowers.

 "We are passionate about making sure that everyone has equal opportunity to achieve the American dream, and we are excited to work with Freddie Mac to expand access to housing so that more people can own," said Patty Arvielo, president of New American Funding."Through this collaboration, we can put the most important first, offering more options to a more diverse group of consumers and helping to create wealth through home ownership. We are excited to collaborate with Freddie Mac and New American Funding in this effort "said Jason Madiedo, executive director of Alterra Home Loans.Your Path puts ownership of affordable housing available to more borrowers to take into account a wider range of factors than traditional methods of subscription, including the needs of borrowers who are self-employed, temporary employees and households with several generations."As we try to support responsible lending, provide sustainable access to homeownership and improving access to credit for American families, we recognize that the demographic characteristics of borrowers are changing and traditional methods of subscription does not reflect some of the features borrowers today, "said Danny Gardner, president of affordable loans and access to credit for Freddie Mac." We conducted this pilot program to evaluate the characteristics of subscription corresponding to the preferences of borrowers, trends in household formation and other financial considerations as part of our commitment to improve Freddie Mac and create a better system of housing finance. "an official announcement will be made during the National Convention of the National Association of Hispanic Real Estate Professionals (NAHREP, for its acronym in English), which will take place in Los Angeles, California, on 19 and 20 September 2016.
About New American FundingNew American Funding is a vendor / product line manager Freddie Mac, Fannie Mae and Ginnie Mae mortgage and auto loan lender VA and FHA direct approval. The company is authorized to operate in several states, it has more than 100 branches and offers a variety of loan options for home purchases and refinancing loans, including conventional, FHA and cash withdrawal mortgages and mortgages fixed rate and adjustable rate VA, HARP 2.0, Jumbo and reverse.About Alterra Home LoansAlterra Home Loans is a minority-owned retail lender, based in Nevada, offering mortgage loans and refinancing services to prospective and existing homeowners. With offices in ten states, Alterra is committed to helping consumers to "create wealth through home ownership" by offering financial solutions with high quality mortgage-backed sophisticated tools, improved processes and innovative products. Alterra inclusive approach to mortgage lending is focused on helping consumers of all cultures, especially those who are marginalized, to achieve financial security and create a better life for themselves and their children realizing the American dream