Borrowsmart Access News Today

The US mortgage sector, the lifeblood of the American dream of homeownership, continues to undergo significant transformations in 2024.

With Fannie and Freddie leading the charge, a growing number of lenders are using special purpose credit programs to boost homeownership in underserved communities.

The program, dubbed ONE+, was created with affordability and expanded access to homeownership in mind.

The program helps first-time buyers by subsidizing their closing costs

NewRez on Monday launched a special purpose credit program through Freddie Mac that will provide $3,000 or more in closing cost assistance to qualifying first-time homebuyers.NewRez on Monday launched a special purpose credit program through Freddie Mac that will provide $3,000 or more in closing cost assistance to qualifying first-time homebuyers.

Karan Kaul, Rocket Central's VP of public policy, will prioritize opportunities for buyers with difficulty accessing mortgage credit.

In recent years, the United States has experienced the largest homeownership spread since 1890, with 44.6% of Black Americans owning a home compared to 74.2% of whites, a 29.6-point gap.

Only 45.3% of Black Americans owned their homes in 2022, compared to 74.6% of white people, according to NAREB.

Freddie Mac's BorrowSmart Access program offers down payment assistance for first-time Black and Latino home buyers in the Philadelphia metro area.

The BorrowSmart Access program offers up to $3,000 to help with the down payment or closing costs on a mortgage for first-time Black and Latino homebuyers.