Recently the FDIC published the Affordable Mortgage Lending Guide (Guide). The Guide:
- Provides community banks with a practical reference tool to compare federal programs so they can make an informed decision about which programs might be the right fit for their business plans and strategies to improve lending options available for their communities.
- Describes programs from the U.S. Department of Housing and Urban Development (HUD) and its Federal Housing Administration (FHA), the U.S. Department of Agriculture (USDA), the U.S. Department of Veterans Affairs (VA), the U.S. Treasury Department’s Community Development Financial Institutions Fund (CDFI Fund), and Fannie Mae and Freddie Mac, known as Government Sponsored Enterprises (GSEs).
- Focuses on guarantee, loan purchase, and subsidy programs that can facilitate mortgage lending by insured depository institutions.
- Includes federal programs that support home purchase, refinance, manufactured housing, and some home improvement lending by banks.
- Covers programs that are targeted to a variety of communities and individuals including rural, Native American, LMI, and veterans.
- Discusses the requirements of each program, as well as how to access the program.
The Affordable Mortgage Lending Guide is available at: https://www.fdic.gov/consumers/community/mortgagelending/guide/part-1-docs/affordable-mortgage-lending-guide-part-1.pdf