A Refinance Program For Low Income Homeowners Launches This Summer
✉️ Want to forward this article? Click here.
A long stretch with near-record low interest rates motivated a lot of homeowners to refinance over the past year. In a couple of months, there may be an easier way for low-income borrowers to get in on the savings as well.
The Federal Housing Finance Agency (FHFA) announced a program this week that would enable homeowners with Fannie Mae- or Freddie Mac-backed mortgages to refinance. Lenders would be required to ensure eligible borrowers get payments reduced by at least $50 per month and a minimum 50-basis-point interest rate reduction.
story continues below
loading...story continues above
The refinance program would also reimburse lenders who credit borrowers up to $500 for an appraisal if they are unable to get an appraisal waiver. For borrowers whose remaining balances are no more than $300,000, the program would also waive the typical upfront 50 basis point adverse market refinance fee.
Eligible borrowers cannot earn more than 80% of the area median income, can't have missed any payments in the past six months (or more than one in the past year), and must also meet debt-to-income ratio and FICO score requirements. By FHFA's estimates, borrowers who use the refinance program could save $100-$250 per month, on average.
See other articles related to: fannie mae, fhfa, freddie mac, mortage refinance, refinancing
This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/a-refinance-program-for-low-income-homeowners/18203.
Most Popular... This Week • Last 30 Days • Ever
The new development, designed by KGD Architecture, would take the place of a two-stor... read »
A plan to add another new residential building to the Friendship Heights pipeline is ... read »
Forest Hills Connection is reporting that the owner of the Days Inn along Connecticut... read »
This week’s Best New Listings includes a bi-level condo north of Adams Morgan's mai... read »
On Monday, the listing price for the 30,000 square foot home that was originally buil... read »
- Jair Lynch Pitches 110-Unit Affordable Development Along Columbia Pike
- Donohoe Files PUD For 127-Unit Development in Friendship Heights
- A Plan For More Development In Van Ness?
- Best New Listings: Windows Galore on Biltmore; One Up, One Down on Swann
- The Price For Dan Snyder's Former Potomac Home Drops By $5 Million
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro