Thanks to Freddie Mac, buyers may be approved easier!

Freddie Mac is changing up income requirements for mortgage applicants in a new pilot program.  The changes announced Monday are designed to help boost mortgage originations among first-time buyers, applicants with low-to-moderate incomes and those who live in underserved areas.

Using the Freddie Mac program, applicants will be able use the income of people who will live with them but aren’t going to be on the mortgage to qualify.  In addition, income from second jobs that borrowers have held for a relatively short period will be factored in. The pilot also doesn’t require bank statements that would show a paper trail of how some borrowers save for their down payments.

Many of the pilot’s features are similar to what Fannie Mae currently allows on some mortgages. Freddie Mac is amongst the largest purchasers of mortgages in the country. Freddie Mac says it purchases one in every four mortgages originated by lenders in the U.S.

The changes, which went into effect on Monday, will apply to clients who apply for a mortgage with Las Vegas-based Alterra Home Loans or Tustin, Calif.,-based New American Funding.

Freddie Mac will determine whether to expand it beyond pilot phase if performance meets expectations.

This Week’s Featured Property:

 

orig_boomver_1_204204-1 503 Dollywood Lane, Unit 112, Pigeon Forge
Golf Vista- A gorgeous, updated and inviting “Private Style” condominium. complex. There are only TWO condos on each level, this condo is quiet. This would be a wonderful rental or permanent home! Very classy and completely remodeled ground floor condo. Large Master bedroom has a two person jacuzzi and patio access to enjoy the Golf Course & mountain view. Accommodating Kitchen living & dining room area are SPACIOUS & comfortable for the entire family. Walk to Pigeon Forge, Enjoy the Dollywood fireworks at nighttime from patio, or just city lights at night. This condo is a must see! HOA Includes- Property Maintenance, trash, water, cable, phone, gas, sewer.

 

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