Freddie Mac in partnership Alterra Home Loans, has 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
►Buyers using cash toward the purchase
►Gives consideration for non-traditional income sources
“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 Mac in this effort.”
President & CEO, 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 Alterra Homes Loans as a trusted lender because of their demonstrated track record in effectively evaluating creditworthiness for the broader public.