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NOTE: This program has been archived and the content and contacts are no longer being updated |
| Ranking |
Effective Practice |
| Description |
Fannie Mae's Community Home Buyer's Program (CHBP) is leading the way in making homeownership more affordable for many underserved populations, such as low- and moderate-income families, minorities, recent immigrants, residents of distressed communities, and people with special housing needs. CHBP offers home buyer education and flexible mortgage requirements, such as nontraditional credit history requirements and lower cash reserves and loan-to-value ratios than are used for traditional loans. CHBP and several specialized variations on the program are now offered by 862 Fannie Mae-approved lenders in all 50 States and all 320 Metropolitan Statistical Areas. |
| Goal / Mission |
Fannie Mae is committed to helping more people achieve the American Dream and to expanding minority homeownership. |
| Results / Accomplishments |
Of all households assisted in 1995, almost half were first-time homebuyers, 39% were minorities, & 67% earned less than 100% of area median income.
Between 1991 and 1994, Fannie Mae community lending programs made $6.68 billion in affordable housing loans to 83,500 families.
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| Categories |
Economy / Homeownership
Economy / Investment & Personal Finance
Economy / Housing Affordability & Supply
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| Organization(s) |
Fannie Mae |
| Source |
UN Habitat and Together Foundation |
| Date of Publication |
2002 |
| Location |
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| Primary Contact |
Fannie Mae
3900 Wisconsin Avenue NW
Washington, DC 20016
(202) 752-6576
http://www.fanniemae.com/
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