Although Freddie Mac isn’t sharing any details on its Home Possible Advantage Program, its CEO Donald Layton said that “the program is growing rapidly,” when the subject came up during the company’s third-quarter earnings calls, reports HousingWire staffer Brena Swanson.
Freddie Mac announced the program, which offers a 3% down mortgage aimed at helping more first-home buyers and other qualified borrowers jump into the market, two years ago.
Last quarter, Layton highlighted two important factors during the call. He stated that 42% of non-refinance purchase buys were to fund loans to first-time home buyers, which is at the highest level in 10 years, and he also noted that the 97% LTV product has significantly attractive characteristic for first-time home buyers. So it makes sense that the Home Possible Advantage Program performed well.
Since Freddie Mac is keeping the information on its Home Possible Advantage Program secret, it’s uncertain just how well the program is really doing.