Freddie Mac announced it is expanding its Home Possible[sm] affordable mortgage suite to boost the home-buying power of nearly 1.5 million U.S. military personnel.
The Home Possible changes are expected to increase by as much as 30 percent the home-buying power of members of the Army, Navy, Air Force, Marines, Coast Guard and National Guard on active duty, in the reserves or separated from their respective services by less than two years, according to Paul Mullings, senior vice president of single-family sourcing at Freddie Mac.
"Freddie Mac's goal is to help the men and women who serve in our nation's armed forces enjoy the American dream of homeownership while giving our lender customers new and better ways to build their market share," said Mullings.
Freddie Mac's expansion of Home Possible came in response to calls from Sen. Ben Nelson (D-Nebraska) of the Senate Armed Services Committee, the Hispanic War Veterans of America and various lenders to help more military families become homeowners.
"[Freddie Mac's announcement] is good news for military families looking to own their own home and share in the American dream they are fighting to protect for all of us," said Nelson. "I want to thank Freddie Mac for answering the call and creating this welcome new affordable homeownership opportunity for military families in Nebraska and across the nation."
Home Possible mortgages have zero or very low down payments, and flexible credit requirements …