FHFA’s recent decision to waive loan-level price adjustments for the low-income financing programs of the GSEs means that borrowers can sometimes get lower interest rates through HomeReady and Home Possible than they can using traditional GSE financing.
Housing finance aficionados may doubt Fannie and Freddie will ever exit conservatorship, but that doesn’t stop them from telling you what that exit would look like.
Former Freddie CEO Don Layton said the pilot’s only connection to housing is that some of the homeowner’s equity is used as collateral for the new second.
Supporters of the program say the expanded use of second mortgages is a less costly way for homeowners to access their home equity when interest rates are high. But they worry about the pilot’s restrictions.
It will be the 11th issuance of its type by loanDepot.
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