To achieve these objectives, Fannie Mae has come up with 25 separate actions, including down payment assistance programs, mortgage underwriting innovations, and special purpose credit programs to help first-time homebuyers.
It is also supporting five 2022 Innovation Challenge winners who are building local solutions to increase affordable housing supply and assist people with credit and housing access.
Fannie Mae will use its role in the secondary mortgage market to expand access for underserved borrowers through its mortgage-backed securities activities.
Additionally, it is expanding financial and housing counseling and consumer education to empower more people to both achieve and maintain housing stability.
For underserved communities
Katrina Jones, vice president of racial equity strategy & impact, acknowledged the significant strides made since the launch of its plan in 2022 to address the historical obstacles faced by underserved communities, especially for Black and Latino individuals.
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