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SMORT Report: Breaking news - Legit no cash program from Freddie Mac

June 24th, 2006 | Category: SMORT Report

Announced by David Porter of Pacesetter Mortgage who is attending the National Mortgage Brokers Convention:

David Announces

Breaking News! Mortgage Blog News - Freddie Mac announced today at the National Association of Mortgage Brokers (NAMB) Annual Convention that with their “Home Possible Mortgages” they will be offering a true 100% LTV mortgage.

They will no longer be requiring that borrowers:

  • Have $500 of their own money. Loans are now available to consumers with no cash investment required by the borrower. As before the seller may pay all of the closing costs, but again, no $500 required investment from the borrower.
  • Home Ownership Education requirements are now waived. Although Freddie Mac strongly encourages this education it is no longer required.

I have never had the opportunity to break news before. This is good news for the consumers of America. Freddie Mac plans to further announce this information in a press release on Monday.

Larry Says: Now what we really need is for a 0 down FHA program. That is what will make a difference Click Here for article from Boston Herald on this point.

2 Comments so far

  1. David Porter June 25th, 2006 4:46 am

    Larry,

    The sentiment here, at the convention, is that within a year we will have a “new” FHA including a zero down FHA Loan.

  2. Larry Cragun June 25th, 2006 3:03 pm

    Thanks David. Hummm I wonder if we are cousins. My Grandmother was Nancy Porter

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