Freddie Mac kills 1% down payment mortgages

Freddie Mac announced it is changing the requirements to its low down payment mortgage program and will no longer allow lenders to contribute gifts or grants to reach the 3% down requirement. Borrowers must now front the entire 3% down payment from their personal funds, meaning the industry can say goodbye to the 1% down mortgage, at least from Freddie Mac. Click the headline to read more.

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