Great news for potential homebuyers! Fannie Mae and Freddie Mac have both updated their guidelines regarding gift funds given towards the purchase of a home. Fannie Mae and Freddie Mac perform an important role in the nation’s housing finance system – to provide liquidity, stability and affordability to the mortgage market – and they are doing just that with this update.
- Fannie Mae will now accept gifts from former relatives, godparents, and relatives of a domestic partner.
- Freddie Mac is now permitting graduation gifts from unrelated persons.
This will support expanding access to credit for first-time homebuyers! Find a local lender near you at usamortgage.com/find-a-branch today for more information!
