Freddie Adds Products for Low-Income Buyers

Freddie Mac plans to add a new suite of mortgage products aimed at boosting the buying power of low- and moderate-income people by eliminating all but $500 from the required down payment on the home loan, the company said.

McLean, Va.-based Freddie Mac said it would announce its “Home Possible” mortgage suite Thursday to mortgage sellers and loan servicers.

Freddie Mac also will include a product targeting law enforcement officers, firefighters, teachers and healthcare workers to help them afford to live in the communities where they work.