16 December 2014
On December 8, 2014, Fannie Mae and Freddie Mac released details on new mortgage product offerings that will provide access to qualified borrowers able to put down at least 3%. Both of the entities will require lenders to use automated underwriting systems to ensure borrowers have additional compensating factors such as history of successful use of credit or cash reserves to ensure they will be successful homeowners. Lenders will be able start offering Fannie Mae’s product on December 13th, 2014, while Freddie Mac will implement the program on March 23rd, 2015.
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