Fannie Exploring Construction Lending to Help Affordability
November 17, 2017
Fannie Mae is looking to give homebuyers access to easier and more affordable construction loans through a potential new pilot program. As the housing supply shortage continues and affordability remains a critical barrier for first-time homebuyers, Fannie envisions the program as a path for homebuyers to get affordable housing. Not many details have been released and there’s no set timeframe because the program is just in the beginning stages of consideration. But if the GSE gets the green light from the Federal Housing Finance Agency, Fannie will be able to buy the loans as soon as construction begins instead of before the house is finished.