Fannie, Freddie Debut New Refi Option For Low-Income Families
Inman Connect The Federal Housing Finance Agency (FHFA) announced Fannie Mae and Freddie Mac will introduce a new refinance program for low-income borrowers to lower their interest rates and monthly payments. The offering will be available for single-family homes and the FHFA estimates that borrowers who take advantage of the new refinance option could save an average of between $100 and $250 a month. “Racial and income disparities in refinance take-up rates have persisted for far too long,” said Sheila Bair, Fannie Mae chairwoman of the board. “With this initiative, we strive to narr...
Source: inman.com