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"This is exactly what our industry needed to propel millennials into homeownership for the first time and to keep Main Street growing and thriving," said Don Frommeyer, CEO of NAMB – The Association of Mortgage Professionals.
Under the new programs, first-time homebuyers and low- and moderate-income individuals who finance a fixed-rate mortgage can expect a less stringent lending process as opportunities for loan approvals without the required five percent down payment become readily available.
Applicants seeking the lower down payment must demonstrate an ability to repay the loan, secure mortgage insurance and attend pre-purchase counseling.
Source: NAMB
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