" The Federal Response to Home Mortgage Distress: Lessons from the Great Depression," Pages 138-139. " Fannie Mae and Freddie Mac: Analysis of Options for Revising the Housing Enterprises' Long-term Structures,". In order to be eligible, homeowners must be earning at or below 80% of their area median income (AMI). The program requires a reduction in the homeowner’s interest rate by a minimum of 50 basis points and a savings of at least $50 in the homeowner’s monthly mortgage payment. RefiNow: Fannie Mae offers low-income mortgage holders a new refinance option through their “RefiNow” program.Income levels for borrowers are determined by the HFA, and there are no first-time buyer requirements.
HFA Preferred: This program helps homeowners access affordable financing through local and state Housing Finance Agencies and other lenders.3% Down Payment: Another resource for homeowners who may not have access to enough funds to secure a large down payment.People with scores above 620 get better pricing. Borrowers qualify if they have low to moderate-income and a credit score below 620. HomeReady Mortgage: This product allows homeowners to secure financing and purchase a home with a low down payment.
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