Do you qualify for down payment assistance through Fannie Mae or Freddie Mac?
Skip Cobb is the owner of Revolutionary Mortgage based in Maryland explains how home buyers can take advantage of two programs, the Fannie Mae Purchase Plus Program and Freddie Mac Borrow Smart Program which is linked to Home Possible.
Fannie Mae was created by the U.S. Congress in 1938 to offer a reliable source for affordable mortgages across the United States.
Freddie Mac was created by Congress in 1970 and operates on the secondary market. Freddie Mac purchases loans from approved lenders who can then offer more affordable loans to home buyers.
1:00 What is the purpose of Fannie Mae and Freddie Mac?
1:20 Two programs we will talk about are Freddie Mac Borrow Smart Program linked to Home Possible and the new Fannie Mae Purchase Plus program – Both of which are Down Payment Assistance Programs.
1:33 Are they available in all 50 states?
2:00 Fannie Mae Purchase Plus program
2:43 How do the programs work? How do home buyers qualify?
3:04 Restricted income
3:26 Borrow Smart and Purchase Plus minority census areas
4:11 It is property driven meaning only some properties will qualify for these loans
4:50 Links to Freddie Mac & Fannie Mae websites for more information
5:00 $5000 max for Fannie Mae program includes thousands of properties
6:10 Fannie Mae program is not income limited
6:45 You may qualify if you currently live in the minority census area
7:00 Home Possible Program details
7:47 Do your homework! Investigate what programs you may qualify for in your area
9:18 Your exclusive buyers agent should be answering all your questions and advocating on your behalf 100% of the time
10:23 Online education courses are required for some programs
11:23 Skip Cobb provides details of the lender letter which is sent to the listing agent with the contract offer
Skip Cobb Revolutionary Mortgage
Company NMLS: 213201
Skip Cobb NMLS: 211493
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