TUSTIN, Calif., Sept. 19, 2016 /PRNewswire/ -- New American Funding and Alterra Home Loans, two national mortgage banks, announce the launch of Your Path, a new loan program that makes affordable homeownership opportunities available by considering the changing demographics of U.S. borrowers. Utilizing Freddie Mac's low down payment Home Possible mortgages as its foundation, this pilot program features greater flexibility for qualifying borrowers.
"We have a passion for making sure everyone has an equal opportunity to achieve the American dream, and we're excited to work with Freddie Mac to create a greater pathway to homeownership for more people," said Patty Arvielo, President of New American Funding.
"By collaborating, we can put what matters most first, offering more options to a more diverse set of consumers, and helping them build wealth through homeownership. We are excited to collaborate with Freddie Mac and New American Funding on this effort," commented Jason Madiedo, CEO of Alterra Home Loans.
Your Path puts affordable homeownership within reach for more borrowers by taking into consideration a wider range of factors than traditional underwriting methods, including the needs of self-employed borrowers, seasonal employees, and multi-generational households.
"As we look to support responsible lending, provide sustainable homeownership, and improve access to credit for American families, we recognize that borrower demographics are changing and that traditional underwriting methods don't account for some of today's borrower characteristics," said Danny Gardner, Freddie Mac's Vice President of Affordable Lending and Access to Credit. "We conducted this pilot to evaluate underwriting features that account for borrower preferences, household formation trends, and other financial considerations as part of our commitment to building a better Freddie Mac and a better housing finance system."
An official announcement will take place during the National Association of Hispanic Real Estate Professionals (NAHREP) National Convention, which happens in Los Angeles, CA, from September 19 – 20, 2016.
About New American Funding
New American Funding is a Freddie Mac, Fannie Mae and Ginnie Mae Direct Seller/Servicer, FHA Direct Endorsement and VA Automatic mortgage lender. The company is licensed in multiple states across the nation, has over 100 branch locations and offers a variety of purchase home loan and refinance loan options, including: Conventional, FHA, Cash Out, Fixed Rate and Adjustable Rate Mortgages, VA, HARP 2.0, Jumbo, and Reverse Mortgages.
About Alterra Home Loans
Alterra Home Loans is a minority-owned, Nevada-based retail lender that provides mortgage loans and refinancing services to new and existing homeowners. With offices in ten states, Alterra is committed to helping consumers "build wealth through homeownership" by offering high quality financial mortgage solutions that are supported by sophisticated tools, better processes and innovative products. Alterra's inclusive approach to mortgage lending is focused on helping consumers of all cultures, especially those that are underserved, attain financial security and create a better life for themselves and their children by achieving the American Dream.
SOURCE New American Funding