Despite the currently thriving U.S. real estate market, it is still rather difficult for prospective homebuyers to build a home these days. The low housing supply yet high demand for homes has made homeownership unaffordable for many. Mortgage mogul Fannie Mae is seeking to change this.
Fannie Mae is taking an array of initiatives to address the lack of affordable homes, beginning with a pilot program that makes it easier to obtain a construction loan. Under the program, lenders would be able to sell their loans to Fannie Mae as soon