In September, Freddie Mac announced that it had teamed up with New American Funding and Alterra Home Loans to launch Your Path, a new loan program targeting the underserved market.
The program, which shares similarities with Freddie’s Home Possible Mortgage Program, is geared toward borrowers who have good credit but who are self-employed or seasonal workers and, thus, lack the documentation that traditional W-2 wage earners typically must submit when applying for a mortgage.
Today, the two mortgage lenders announced that Radian has been named the preferred private mortgage insurance (PMI) provider for Your Path.
“Radian is dedicated to educating prospective home buyers on ways to achieve their dream, and we’re thrilled to work with New American Funding and Alterra Home Loans to make that happen,” says Teresa Bryce Bazemore, president of Radian Guaranty, in a release. “We continually strive to better understand and remove the barriers that prevent many potential homeowners from obtaining a mortgage. The Your Path program will help address some of those issues and serve as an important support to our ongoing efforts to make sustainable homeownership a reality for qualified borrowers who have limited down payment savings.”
In addition to helping borrowers put 20% down on their mortgages, Radian will play a key role for borrowers in the Your Path program by working with the initiative’s partners to educate consumers, create training programs for industry professionals, and participate in training events for loan originators and operations staff.