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National Mortgage Professional
Sep 18, 2005

Freddie Mac applies employer assistance to mortgage productsMortgagePress.comFreddie Mac, employer financial assistance Freddie Mac has extended employer financial assistance as a source of funds to all of its mortgage products, thereby making tens of millions of dollars in additional conventional mortgages available to working families across the country. Previously, these benefits could only be used with the company's mortgage products. Freddie Mac's new Employer Assisted Homeownership Benefits Policy will help more borrowers take advantage of different types of financial benefits employers may offerincluding grants, unsecured loans or secured secondary financingthat can supplement a down payment, closing costs, financing costs, or pre-paids and escrows. With unsecured loans and secured secondary financing from employers, borrowers can exclude the debt payments on the employer loans from their monthly housing expense-to-income or debt payment-to-income ratios if the loan repayments are delayed for five years, or the loan is only repaid upon sale or in case of default. A key feature of Freddie Mac's new policy allows employers the flexibility to require repayment of the loan in full if the borrower terminates employment. However, the employer must allow the borrower to continue repaying the loan in the event of long-term disability or his or her job's elimination through a reorganization or reduction in force. Headquartered in McLean, Va., Freddie Mac is a stockholder-owned corporation that keeps money flowing to mortgage lenders. For more information, call (703) 903-2000 or visit www.freddiemac.com.
Published
Sep 18, 2005
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