Community Home Buyer's Programme
An Effective Practice
This practice has been Archived and is no longer maintained.
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.
Between 1991 and 1994, Fannie Mae community lending programs made $6.68 billion in affordable housing loans to 83,500 families.
About this Promising Practice
Organization(s)
Fannie Mae
Primary Contact
Topics
Economy / Housing & Homes
Economy / Investment & Personal Finance
Economy / Investment & Personal Finance
Organization(s)
Fannie Mae
Source
UN Habitat and Together Foundation
Date of publication
2002