{"id":6289,"date":"2024-02-07T12:00:57","date_gmt":"2024-02-07T17:00:57","guid":{"rendered":"https:\/\/mortgageequitypartners.com\/sc-charleston\/?p=6289"},"modified":"2024-02-07T13:39:05","modified_gmt":"2024-02-07T18:39:05","slug":"fannie-mae-and-freddie-mac-offer-2500-credit-for-lower-income-families","status":"publish","type":"post","link":"https:\/\/mortgageequitypartners.com\/sc-charleston\/fannie-mae-and-freddie-mac-offer-2500-credit-for-south-carolina-families\/","title":{"rendered":"Fannie Mae and Freddie Mac offer $2500 credit for South Carolina families"},"content":{"rendered":"<p><img decoding=\"async\" class=\"size-full wp-image-6294 alignnone\" src=\"https:\/\/mortgageequitypartners.com\/sc-charleston\/wp-content\/uploads\/2024\/02\/Happy-homeowners.jpg\" alt=\"Happy Homeowners\" width=\"1200\" height=\"800\" srcset=\"https:\/\/mortgageequitypartners.com\/sc-charleston\/wp-content\/uploads\/2024\/02\/Happy-homeowners.jpg 1200w, https:\/\/mortgageequitypartners.com\/sc-charleston\/wp-content\/uploads\/2024\/02\/Happy-homeowners-300x200.jpg 300w, https:\/\/mortgageequitypartners.com\/sc-charleston\/wp-content\/uploads\/2024\/02\/Happy-homeowners-1024x683.jpg 1024w, https:\/\/mortgageequitypartners.com\/sc-charleston\/wp-content\/uploads\/2024\/02\/Happy-homeowners-768x512.jpg 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<h2>Fannie Mae and Freddie Mac offer $2500 credit for lower income families<\/h2>\n<p>Fannie Mae and Freddie Mac have announced a $2,500 credit for low-income borrowers to make homeownership more accessible. Fannie Mae and Freddie Mac recognize that down payment and closing costs remain a significant barrier to homeownership for many borrowers. Fannie Mae and Freddie Mac are large companies that guarantee most mortgages originated in the US. Together, they are referred to as government-sponsored enterprises (<a href=\"https:\/\/www.ncsha.org\/advocacy-issues\/government-sponsored-enterprises-gses\/\" target=\"_blank\" rel=\"noopener\">GSEs<\/a>).<\/p>\n<h3>Fannie Mae<\/h3>\n<p>Fannie Mae announced their new $2,500 credit program for down payment assistance on January 24, 2024. The temporary credit will be accessible through their <a href=\"https:\/\/singlefamily.fanniemae.com\/originating-underwriting\/mortgage-products\/homeready-mortgage\" target=\"_blank\" rel=\"noopener\">HomeReady mortgage program<\/a>. HomeReady has a low-down payment option and expanded financing flexibility. HomeReady was designed to help creditworthy low-income borrowers, whether they\u2019re first-time or repeat borrowers, purchase a home.<\/p>\n<p><strong>Key Features:<\/strong><\/p>\n<ul>\n<li>Borrowers in South Carolina with a qualifying income of less than or equal to 50% of the applicable area median income (AMI) of the subject property\u2019s location are eligible.<\/li>\n<li>The entire $2500 credit must be provided directly to the borrower through the transaction to be used for down payment and closing costs, including escrows and mortgage insurance premiums.<\/li>\n<li>Available through Fannie Mae\u2019s HomePossible Program.<\/li>\n<\/ul>\n<h3>Freddie Mac<\/h3>\n<p>Freddie Mac will make this credit accessible through their <a href=\"https:\/\/sf.freddiemac.com\/working-with-us\/origination-underwriting\/mortgage-products\/home-possible\" target=\"_blank\" rel=\"noopener\">Home Possible Mortgage<\/a> and <a href=\"https:\/\/sf.freddiemac.com\/working-with-us\/origination-underwriting\/mortgage-products\/hfa-advantage\" target=\"_blank\" rel=\"noopener\">HFA Advantage Mortgage<\/a> Product. Home Possible provides credit flexibility to help very low to low-income borrowers enter the housing market with a minimum down payment of just 3% of the home&#8217;s sales price. The $2500 credit will also be accessible through their HFA Advantage Mortgage product, which is offered to housing finance agencies seeking responsible ways to expand homeownership.<\/p>\n<p><strong>Key Features:<\/strong><\/p>\n<ul>\n<li>Borrowers earning 50% of the area median income or less who are purchasing a home, provided specific requirements are met, are eligible.<\/li>\n<li>Funds can be used for down payment, closing costs, escrow, and mortgage insurance.<\/li>\n<li>Available through Freddie Mac\u2019s Home Possible and HFA Advantage Mortgage Products.<\/li>\n<\/ul>\n<p>This initiative is part of Fannie Mae and Freddie Mac\u2019s ongoing commitment to making homeownership more attainable for low-income families and this applies to South Carolina residents. To learn more about your eligibility for this $2500 credit, <a href=\"https:\/\/mortgageequitypartners.com\/sc-charleston\/our-team\/\">contact our loan team<\/a> for more information.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fannie Mae and Freddie Mac offer $2500 credit for lower income families Fannie Mae and Freddie Mac have announced a $2,500 credit for low-income borrowers to make homeownership more accessible. Fannie Mae and Freddie Mac recognize that down payment and closing costs remain a significant barrier to homeownership for many borrowers. Fannie Mae and Freddie [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":6151,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[6,4],"tags":[],"class_list":{"0":"post-6289","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-articles","8":"category-news","9":"entry"},"_links":{"self":[{"href":"https:\/\/mortgageequitypartners.com\/sc-charleston\/wp-json\/wp\/v2\/posts\/6289","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mortgageequitypartners.com\/sc-charleston\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mortgageequitypartners.com\/sc-charleston\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mortgageequitypartners.com\/sc-charleston\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/mortgageequitypartners.com\/sc-charleston\/wp-json\/wp\/v2\/comments?post=6289"}],"version-history":[{"count":3,"href":"https:\/\/mortgageequitypartners.com\/sc-charleston\/wp-json\/wp\/v2\/posts\/6289\/revisions"}],"predecessor-version":[{"id":6297,"href":"https:\/\/mortgageequitypartners.com\/sc-charleston\/wp-json\/wp\/v2\/posts\/6289\/revisions\/6297"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mortgageequitypartners.com\/sc-charleston\/wp-json\/wp\/v2\/media\/6151"}],"wp:attachment":[{"href":"https:\/\/mortgageequitypartners.com\/sc-charleston\/wp-json\/wp\/v2\/media?parent=6289"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mortgageequitypartners.com\/sc-charleston\/wp-json\/wp\/v2\/categories?post=6289"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mortgageequitypartners.com\/sc-charleston\/wp-json\/wp\/v2\/tags?post=6289"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}