adminCoreLogic’s recent research indicates mortgage debt is on the rise, and consumers are paying a high percentage of their income to pay for their homes. An article in PYMNTs points out that Fannie Mae and Freddie Mac loans have risen 73 percent in the second half of 2017 with new home loans up 15 percent over the first six months of the year. While economists attribute the increase to many factors, one is that lenders are working to make it more affordable to buy.
“For example, Fannie Mae and Freddie Mac have started backing loans made by lenders who offer to pay down a buyer’s student debt or to help the self-employed obtain mortgages,” said the PYMNTs story. “They also started guaranteeing loans with down payments as low as 3 percent several years ago, and both Fannie and Freddie are backing more loans made to borrowers with debt-to-income ratios of up to 50 percent.”
Read the full article here.
