CHICAGO -Last week, Freddie Mac announced that it was expanding the list of mortgage products available through its Web-based Selling System. The GSE is adding 40-year fixed-rate mortgages and more adjustable-rate mortgage products. These enhancements - which were announced at the Mortgage Banker's Association's National Secondary Conference and Expo held here - are scheduled to begin rolling out this summer, Freddie stated.
The 40-year mortgage product line in the Home Possible suite will include a standard 40-year fixed rate mortgage product, a 40-year version of the Freddie 100 no-down payment and a 40-year Alt-97 mortgage. "This is just the beginning of a robust product strategy designed to give lenders a highly flexible array of 40-year product so more customers can better match their home buying ambitions with their financial circumstances," said James Cotton, vice president of mortgage sourcing at Freddie Mac.