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Mel Watt outlines how the FHFA plans to make mortgages more available
Points presented aim to encourage lenders to reach more borrowers
October 21, 2014
During the Mortgage Bankers Association annual convention on Monday, FHFA director Mel Watt presented how he plans to make it easier for borrowers to get mortgages.
For example, Watt announced that Fannie and Freddie are working to develop “sensible and responsible” guidelines that will allow borrowers to buy mortgages with down payments as low as 3 percent, the Washington Post reports. Another point Watt mentioned was lowering the credit score standard for borrowers to qualify for a loan.
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