No Yard Work Required
January 21, 2015
Walk to the corner restaurant.
No yard work.
There are many advantages that make condos the right choice for certain homebuyers.
As you look for ways to grow your purchase market business in 2015, reach out to potential condo buyers – first-time homebuyers, those with limited incomes, or current homeowners looking to downsize.
Check out the tools and resources below that Freddie Mac offers to help you reach these potential borrowers.
Freddie Mac Mortgage Products
Freddie Mac has the mortgage products you need to meet the needs of condominium buyers, including:
- Our New 3% Down Payment Mortgage – Freddie Mac research shows that many renters dream of homeownership but have limited down payment savings. Our new Home Possible AdvantageSM mortgage offers a maximum loan-to-value (LTV) ratio of 97 percent and total LTV ratio of 105 percent. This new responsible mortgage option will be available in March and provides you with an additional option to reach qualified low- and moderate-income borrowers.
- Condominium Unit Mortgages – Our competitive condominium mortgage offerings provide flexibility and opportunities for your business and your borrowers. Our project review requirements should easily integrate into your loan origination activities and associated processes to determine condo project eligibility. Take advantage of our resources below to help you identify additional opportunities in our condo offering for you and your borrowers.
Online Resources, Training, and Tools
- Home Possible Advantage
- Put Your Condo Mortgage Financing Into High Gear.
- Determining Condominium Project and Mortgage Eligibility – Easy as 1-2-3.
- Condominium Unit Mortgages and Project Reviews.
- Condominium Projects Eligibility Requirements webinar.
In addition, in our recent Executive Perspective, Going Condo: Four Reasons It Makes Sense in Today's Market, Senior Vice-President Chris Boyle explains why buying a condominium could be the right first step into homeownership for many households.
Tools for Reaching Borrowers
Reach out to your customers using our free customizable marketing materials.