In Federal Housing Finance Agency Director Mel Watt’s before of the House Financial Services Committee, he gave a brief update on the low down programs when talking about new credit initiatives. “FHFA continues to work with the Enterprises on other access to credit initiatives, including low-down payment programs,” said Watt. “FHFA and the Enterprises’ analysis showed that many borrowers were creditworthy and could sustain paying a mortgage, but did not have the money or wealth to cover a large down payment and closing costs.”. As a result, Watt stated that in 2014, FHFA approved a limited program that allowed the enterprises to purchase mortgages with a 3% down payment.
Between 2015 and June 2017, the GSEs have purchased more than 130,000 mortgages with a 3% down payment. And, Watt said, “The program is continuing to grow.” Watt also noted that the average loan amount has been about $180,000, and more than 95% of these borrowers were first-time homebuyers. “The enterprises also allow reduced fees when the borrower’s income is at or below the area median income,” said Watt. “When evaluating a borrower’s eligibility for these loans, both Enterprises establish purchase guidelines and underwriting standards that include appropriate compensating factor requirements and risk mitigants.” So while it isn’t a lot of information, some of came from Donald Layton, Freddie Mac CEO, about a year ago. In an interview with HousingWire after the government-sponsored enterprise posted its second-quarter 2016 earnings, Layton simply quantified the success of the 3% down as “rapidly growing in demand.” He also noted that the 97% LTV product has significantly attractive characteristic for first-time homebuyers. However, at the time, he said that the numbers were not large enough to be driving an increase yet.
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