Fannie, Freddie announce program enhancements to help very low-income homebuyers

Fannie Mae and Freddie Mac – the government-sponsored enterprises (GSEs) – announced a temporary enhancement to certain programs that will offer eligible creditworthy, very low-income homebuyers earning 50% of area median income or less a $2,500 credit that may help with down payment and other costs at closing. 

The enhancements are effective March 1 and will be available across Fannie Mae’s HomeReady product and Freddie Mac’s Home Possible and HFA Advantage products. This announcement represents the GSEs’ longstanding efforts to promote accessible homeownership for low-income families. 

America’s Credit Unions will continue to advocate for policies and programs that strengthen credit unions’ ability to provide affordable home loans to all creditworthy homebuyers, including low-, moderate-, and very-low income purchasers. 

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