In this red-hot housing market, being able to act quickly is vital. This a great time for REALTORS® to educate clients about the importance of getting an early loan pre-approval.

Having a loan pre-approval can dramatically expedite the homebuying process, and in an environment where the number of interested buyers eclipses the number of available homes, a loan pre-approval is essential.

REALTORS® can help their clients by encouraging them to investigate their financing options right away. An excellent one-stop shop to find solutions is Freddie Mac. My Home by Freddie Mac® is a website for consumers which provides online credit education and financial literacy tools to homebuyers, homeowners, renters and sellers. As explained in the Freddie Mac webinar series for Illinois REALTORS® members, Freddie Mac offers financing solutions that are specialized to meet diverse needs.

Here are some financing options homebuyers may wish to explore:

First-time homebuyers

  • Freddie Mac HomeOneSM mortgages are available for qualified first-time homebuyers with a low down payment of 3 percent.

Rural homebuyers

  • Rural Housing Service Section 502 Leveraged Seconds help meet the needs of low-income rural borrowers and increase homeownership opportunities in underserved markets through Rural Housing Service (RHS) Leveraged Seconds.
  • Guaranteed Rural Housing reaches underserved markets with loans guaranteed by USDA’s Rural Housing Service (RHS) under its Section 502 Guaranteed Rural Housing (GRH) Loan Program.

Low-income homebuyers

  • Home Possible® mortgage offers credit flexibilities and options to help your very low to low-income borrowers attain the dream of owning a home with a down payment as low as 3 percent.

Native American homebuyers


  • Home Possible® mortgage allows for no-cash out refinance opportunities with expanded flexibilities for low-income homeowners.
  • Refi PossibleSM mortgage will be available as of August 30, 2021 for lower-income homeowners who may not have been able to take advantage of refinance opportunities previously.


  • CHOICERenovation® allows borrowers to use loan proceeds to pay for renovations.
  • GreenCHOICE mortgages® help families to facilitate the financing of energy efficient home improvements and purchase of energy efficient homes.

Manufactured homes

  • CHOICEHome® mortgages help eligible buyers finance certified manufactured homes.
  • Manufactured Homes mortgages are originated, underwritten and serviced to help borrowers buy homes they can afford and maintain.

Additionally, homeowners who were impacted by COVID-19 can explore relief options at My Home by Freddie Mac®. REALTORS® can follow Freddie Mac’s affordable lending news and insights to keep up with the latest information.