Fannie Mae to accept lender-funded down payment assistance
Housing Wire
AUGUST 4, 2022
Fannie Mae will now buy mortgage loans with lender-funded grants, including down payment assistance, closing costs or financial reserves. The change could give nonbank lenders a way to guard against redlining accusations. The government-sponsored enterprise will start accepting such loans immediately. According to Fannie Mae’s guidance , “The lender must have a documented program that provides grants for low- to moderate-income borrowers, community development, equitable housing initiative
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