Industry Briefs, Feb. 7, 2024

(Image courtesy of Markus Winkler via

Freddie Mac Grows Assistance for Very Low-Income Purchase Borrowers

Freddie Mac announced it is expanding its assistance for low-income borrowers, noting that potential buyers earning 50% of area median income or less are eligible for a $2,500 credit, provided certain requirements are met, that may help with various costs at closing. It becomes effective March 1.

It will extend more broadly to very low-income families who qualify for Freddie Mac’s Home Possible and HFA Advantage products and will be available via those products.

Funds can be used for down payments, closing costs, escrow and mortgage insurance premiums.

NAMMBA Partners With Rocket Mortgage

The National Association of Minority Mortgage Bankers of America announced a partnership with Rocket Mortgage.

It aims to grow opportunities for industry professionals who have been historically underrepresented, providing them with resources, mentorship and networking opportunities to thrive and succeed in their careers.  

Rocket Mortgage will actively participate in NAMMBA initiatives, including mentorship programs, educational events and networking opportunities positioned to connect industry professionals and support diversity.

“We are delighted to join forces with Rocket Mortgage, a company that shares our values and commitment to fostering diversity and inclusion,” said NAMMBA Founder & CEO Tony Thompson. “Through this partnership, we aim to create lasting change within the mortgage industry and empower individuals from all backgrounds to excel in their careers.”

First Federal Bank Teams With Calque for The Trade-In Mortgage

First Federal Bank, Twin Falls, Idaho, has teamed with Calque, Austin, to launch The Trade-In Mortgage in Idaho.

This will allow individuals to leverage the equity in their homes to purchase a new one before selling their current home.

The companies say this gives customers an ability to compete with other buyers, such as those making cash offers, without needing a bridge loan or to sell their previous home beforehand.