LOS ANGELES--(BUSINESS WIRE)--The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) today issued the following statement in response to Fannie Mae and Freddie Mac’s move to lower down payments to as little as 3 percent for first-time home buyers and permit refinancing borrowers to reduce equity to 3 percent to cover closing costs.
“C.A.R. commends Fannie Mae and Freddie Mac for expanding access to credit for well-qualified first-time buyers struggling to enter the housing market,” said C.A.R. President Chris Kutzkey. “Saving enough money for a down payment is the biggest hurdle for most first-time home buyers, but this program will help remove that barrier, and at the same time, lenders can be assured they are providing a safe, affordable loan to creditworthy borrowers.”
Leading the way...® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with more than 165,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
