Freddie Mac provided more than $50 billion in home mortgages to 262,328 families through its Home Possible mortgage origination program.

The program assists low- to moderate-income homebuyers by offering a three-percent down payment solution from a variety of funding sources to families that meet or exceed a rigorous assessment process.

“Home Possible is transforming the way we serve the growing number of lower-income borrowers who want to own a home,” said Danny Gardner, senior vice president and affordable lending and access to credit at Freddie Mac. “The powerful impact of sustainable homeownership on families is something we do not take for granted.”

The organization has been helping this segment of homebuyers overcome the leading barrier to homeownership: Providing funds for the mortgage down payment. Home Possible mortgages are only available to families with income at or below their area median income, except in areas already designated as low income. The program makes mortgages available to families that meet or exceed a rigorous, required loan application review process.

Freddie Mac has been successful in educating and assisting an increased percentage of first-time homebuyers, diverse populations and Millennials in their quest to attain homeownership. First-time homebuyers account for 79.3 percentage of people benefitting from Home Possible.

Also, low-down payment offerings like Home Possible are helping to increase the homeownership rate for lower-income borrowers from its low of 48 percent during the second quarter of 2016 to 51 percent during the third quarter of 2018, according to data from the U.S. Census Bureau.

“Homeownership is critically important for families, whether they are first-time homeowners or purchasing a home they plan to live in through retirement. We believe the need and demand for affordable lending is only going to increase,” added Gardner.

Freddie Mac works with its industry partners and clients to offer affordable products, resources and education to make the dream of homeownership a reality. This includes educating potential homebuyers at the community level about their financing options, while analyzing the housing landscape to ensure the needs of low- to moderate-income borrowers are met.