Mortgage Pilot Program Expands Loan Accessibility for Diverse Communities
Two nationwide mortgage banks, New American Funding and Alterra Home Loans, have partnered with Freddie Mac to create a pilot program designed to offer easier access to home loans for a growing and diverse population of prospective American homeowners.
The program, called Your Path, uses Freddie Mac’s low down payment Home Possible Mortgage Loan as the basis for its offerings. Your Path is designed to offer more flexible mortgage loan terms, the likes of which are not readily available through conventional mortgage loans. It also takes into account a wider range of applicant information when determining who qualifies for a loan.
“We have a passion for making sure everyone has an equal opportunity to achieve the American dream, and we’re excited to work with Freddie Mac to create a greater pathway to homeownership for more people,” noted Patty Arvielo, President of New American Funding.
“As we look to support responsible lending, provide sustainable homeownership, and improve access to credit for American families, we recognize that borrower demographics are changing and that traditional underwriting methods don’t account for some of today’s borrower characteristics,” added Danny Gardner, Vice President of Affordable Lending and Access to Credit at Freddie Mac.
An official announcement for the Your Path program, complete with details on roll-out, will be announced during the September 19-20 National Association of Hispanic Real Estate Professionals (NAHREP) National Convention in Los Angeles. The innovative program is expected to garner much interest from Hispanic Americans, as they are the fastest growing demographic of new homeowners, and are currently considered to be underserved by existing homeownership tools.
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