Difference between revisions of "Federal Housing Finance Authority"
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| − | The '''Federal Housing Finance Authority''' is offering struggling homeowners a way to refinance their | + | 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]] | ||
Revision as of 01:55, November 25, 2008
The Federal Housing Finance Authority is offering struggling homeowners a way to refinance their mortgages.
- 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. [1]