Although homeownership rates are still low — just 63.7 percent this past second quarter — several big players in the mortgage industry are pulling away from products that help homebuyers with credit challenges. Earlier this year, Freddie Mac announced it was ending its zero-down payment loan options effective Nov. 1, and other large banks also have announced their move away from the market for borrowers with sub-640 credit scores. Moves such as these give the appearance the market is turning its back on these borrowers, but real estate agents should be aware there are still programs available to help these prospective buyers purchase the homes they want. In fact, these potential homebuyers represent a significantly underserved portion of the market. Know the programs Agents who know the programs that are available can help these often overlooked consumers become homeowners. Despite Freddie Mac’s move away from zero-down-payment loans, there are still programs availab…
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