St Casimirs Mortgage Minute

Freddie Enlists Faith Groups, Nonprofits to Boost Homeownership

Freddie Mac is partnering with faith-based organizations in hopes of attracting more potential borrowers to its 3 percent down payment mortgage product. In recent years, such groups switched their attention from home buyer outreach to foreclosure prevention due to the financial crisis, but Freddie Mac is once again looking to partner on a homeownership effort. The initiative includes financial education seminars and counseling sessions hosted by faith-based bodies using materials provided by Freddie Mac. The mortgage finance giant also has partnered with Quicken Loans, other lenders, and nonprofits on the 3 percent down payment program. Many consumers are qualified to own a home but may not realize that, says Chris Boyle, a senior vice president at Freddie Mac. "We do think there's a market out there that is not coming to the fore, and Millennials [are] one group," remarks Boyle.

From "Freddie Enlists Faith Groups, Nonprofits to Boost Homeownership"
American Banker (11/03/15) Berry, Kate