Freddie Mac, in partnership with New American Funding, and Alterra Home Loans, two national mortgage bankers, announced the launch of Your Path, a new loan program that makes affordable homeownership opportunities available to underserved communities.
After researching the U.S. housing market, Freddie Mac identified that certain demographics were experiencing obstacles with purchasing a home. Your Path provides flexible financing options to responsible lenders who serve a diverse range of homebuyers.
Your Path puts affordable homeownership within reach for underserved communities:
- Self-employed workers – provides flexible self-employment verification
- Seasonal employees – accepts shorter secondary income history
- Multi-generational families
- Buyers using cash toward the purchase
- Gives consideration for non-traditional income sources
- Expanded guidelines
“We have a passion for making sure everyone has an equal opportunity to achieve the American Dream. That’s why we’re excited to work with Freddie Mac to create a greater pathway to homeownership for more people,” said Patty Arvielo, President of New American Funding.
“By collaborating we can put what matters most first, better serving underserved consumers and helping them build wealth through homeownership. We are excited to partner with Freddie and NAF in this effort”– Jason Madiedo, CEO of Alterra Home Loans.
In a time when automated underwriting is the standard, Providing access to credit for more consumers to enjoy the benefits of homeownership companies must use both automated and manual underwriting, which allows underwriters to individually review a borrower’s financial profile in order to make sure qualified buyers aren’t denied access to credit opportunities. As a result, Freddie Mac decided to work with New American Funding and Alterra Homes Loans as a trusted lenders because of their demonstrated track record in effectively evaluating creditworthiness for the broader public.