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Freddie Mac loan program for today's housing market
 
The residential real estate sector is painstakingly working its way out of the darkness where it was unceremoniously  shoved by the recent marketplace excesses. There is little doubt that things right now are looking up but the road to a solid, sustainable housing recovery is still in the early stages of gathering steam, traveling a bumpy road. Many who have dreamed of owning a home, and qualifying for a mortgage, have been slowed down for various reasons on that quest by the economic downturn.
 
Freddie Mac, the government sponsored enterprise or GSE, may just have the right mortgage loan program available for the hopeful home loan applicant in this otherwise tough housing and economic environment. It is called the Affordable Merit Rate Mortgage. It’s good to keep in mind that Freddie Mac does not originate mortgages, instead it buys them from home loan lenders on the secondary mortgage market. Let’s go over its basics now.  
 
It is designed for those mortgage borrowers with past credit issues – this exceptional downturn has certainly spawned a few - who usually would have limited product choices and would also face higher interest rates. The Affordable Merit Rate Mortgage can bring ... more

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