Freddie Mac and Quicken Loans recently announced that they have joined forces to pilot several new initiatives aimed at helping provide more Americans the opportunity to achieve homeownership, while also building a smarter American mortgage finance system.
"We are proud to join Quicken Loans in a new partnership dedicated to increasing homeownership opportunities and simplifying the process of originating and delivering high quality mortgages," said Dave Lowman, EVP, Single Family Division, Freddie Mac. "The partnership has a simple goal. We are leveraging our unique strengths to explore simple straightforward approaches to mortgage products, technology and borrower outreach strategies. We then hope to use the results from these efforts to make it easier for all of our customers, and the industry, to make successful homeownership possible for a wider range of qualified borrowers."
According to the announcement, the program will feature unique, co-developed products that are intended to meet the needs of emerging markets, including millennials, first-time homebuyers, and middle-class borrowers.
It will also explore numerous modifications and expansions to Freddie Mac's current Home Possible mortgage products, and will also include continued homebuyer education. Home Possible enables eligible borrowers to finance a house with a down payment of as little as three percent.
Lowman also noted that the announcement is one more way Freddie Mac is engaging customer to "help them innovatively build stronger businesses and a stronger housing finance industry that expands affordable housing opportunities for America's families."
"Quicken Loans is committed to helping qualified clients achieve their dreams of owning a home," said Bill Emerson, CEO, Quicken Loans. "Homebuyer demographics will continue to significantly shift in upcoming years, and mortgage programs must evolve to serve the needs of groups like first-time buyers and minority groups. This partnership will create programs that will open the door of homeownership to many of America's families."