Changes

The '''Federal Housing Finance Authority''' is offering struggling homeowners a way to refinance their mortgages.

The '''Federal Housing Finance Authority''' is offering struggling homeowners a way to refinance their [[mortgage]]s.

*To be put in place by Dec. 15, the program allows borrowers who've missed at least three months' payments on their Fannie- or Freddie-owned home loan to apply for more affordable payments that cannot exceed more than 38% of their monthly gross household income. Banks administrating Fannie and Freddie mortgages can also lower interest rates to as little as 3%, extend the life of the loan up to 40 years or defer payments on the principal. [http://www.smartmoney.com/personal-finance/real-estate/freddie-and-fannie-fix-for-troubled-homeowners/]

*To be put in place by Dec. 15, the program allows borrowers who've missed at least three months' payments on their Fannie- or Freddie-owned home loan to apply for more affordable payments that cannot exceed more than 38% of their monthly gross household income. Banks administrating Fannie and Freddie mortgages can also lower interest rates to as little as 3%, extend the life of the loan up to 40 years or defer payments on the principal. [http://www.smartmoney.com/personal-finance/real-estate/freddie-and-fannie-fix-for-troubled-homeowners/]

[[Category:Organizations]]

[[Category:Organizations]]