Jul 19, 2022 · In February, the CFPB joined seven other federal agencies in issuing a statement encouraging lenders to explore opportunities available to them to increase credit access through special purpose credit programs (SPCPs) to better serve historically disadvantaged individuals and communities.

In designing a special purpose credit program under § 1002.8 (a), a for-profit organization must determine that the program will benefit a class of people who would otherwise be denied credit or would receive it on less favorable terms.

What Is A Special-Purpose Credit Program (SPCP)? A special-purpose credit program sets out unique standards and benefits to make loan qualification easier for people who are from underserved populations. Applicants must meet a clearly defined set of criteria to take advantage of the assistance offered under these programs.

In a directive issued March 25, Decision No. 2025-145, Federal Housing Finance Agency (FHFA) Director Bill Pulte ordered Fannie Mae and Freddie Mac to terminate “Special Purpose Credit Programs,” or SPCPs, that they support. The directive describes such programs as those that provide particular borrowers who lack adequate down payments for homes or the ability to …

6 days ago · On Tuesday, March 25, Federal Housing Finance Agency (FHFA) Director Bill Pulte released a directive eliminating the GSEs’ participation in Special Purpose Credit Programs (SPCPs). SPCPs are targeted lending products designed to specifically advantage groups historically denied credit due to discrimination.

But Congress created a carveout in the ECOA to these requirements for Special Purpose Credit Programs (SPCPs), which allow creditors to consider prohibited-basis information in credit transactions to meet special social needs or to help an economically disadvantaged class of persons. 4 Provided that all the requirements for an SPCP are ...

Mar 26, 2025 · Fannie Mae’s decision to cancel its Special Purpose Credit Programs (SPCPs), which support First-Time Homebuyer initiatives, has sent ripples across the real estate world. As of March 25, 2025, the Federal Housing Finance Agency (FHFA) directed Fannie Mae and Freddie Mac to end all SPCPs, effectively eliminating down payment and closing cost ...

Mar 27, 2025 · In a significant policy shift under the Trump administration, the new Federal Housing Finance Agency (FHFA) Director Bill Pulte issued an order on March 25, 2025 terminating special purpose credit programs (SPCPs) supported by the government sponsored enterprises, Fannie Mae and Freddie Mac (together, the GSEs).

Mar 26, 2025 · "Even with the elimination of special purpose credit programs here, there will still be robust low down payment options available — like Fannie/Freddie loans with mortgage insurance and FHA, VA, and RHS loans," CHLA Executive Director Scott Olson said in an emailed statement, referring to the Federal Housing Administration, Veterans Affairs ...

What is a Special Purpose Credit Program? SPCPs are targeted lending products designed to specifically advantage an economically disadvantaged group of people. SPCPs can be created to benefit designated protected classes of people.