This a great time for REALTORS® to educate clients about the importance of getting an early loan pre-approval.

Having a loan pre-approval can dramatically expedite the homebuying process, and in an environment where the number of interested buyers eclipses the number of available homes, a loan pre-approval is essential.

REALTORS® can help their clients by encouraging them to investigate their financing options right away. An excellent one-stop shop to find solutions is Freddie Mac. My Home by Freddie Mac® is a website for consumers which provides online credit education and financial literacy tools to homebuyers, homeowners, renters and sellers. Freddie Mac offers financing solutions that are specialized to meet diverse needs.

Here are some financing options homebuyers may wish to explore:

First-time homebuyers

  • Freddie Mac HomeOneSM mortgages are available for qualified first-time homebuyers with a low down payment of 3 percent.

Rural homebuyers

  • Rural Housing Service Section 502 Leveraged Seconds help meet the needs of low-income rural borrowers and increase homeownership opportunities in underserved markets through Rural Housing Service (RHS) Leveraged Seconds.
  • Guaranteed Rural Housing reaches underserved markets with loans guaranteed by USDA’s Rural Housing Service (RHS) under its Section 502 Guaranteed Rural Housing (GRH) Loan Program.

Low-income homebuyers

  • Home Possible® mortgage offers credit flexibilities and options to help your very low to low-income borrowers attain the dream of owning a home with a down payment as low as 3 percent.

Native American homebuyers

Refinance

  • Home Possible® mortgage allows for no-cash out refinance opportunities with expanded flexibilities for low-income homeowners.
  • Refi PossibleSM mortgage will be available as of August 30, 2021 for lower-income homeowners who may not have been able to take advantage of refinance opportunities previously.

Renovations

  • CHOICERenovation® allows borrowers to use loan proceeds to pay for renovations.
  • GreenCHOICE mortgages® help families to facilitate the financing of energy efficient home improvements and purchase of energy efficient homes.

Manufactured homes

  • CHOICEHome® mortgages help eligible buyers finance certified manufactured homes.
  • Manufactured Homes mortgages are originated, underwritten and serviced to help borrowers buy homes they can afford and maintain.

REALTORS® can follow Freddie Mac’s affordable lending news and insights to keep up with the latest information.