Freddie Mac has issued the following statement in support of an announcement by the Federal Housing Finance Agency (FHFA) that Freddie Mac’s and Fannie Mae’s low-income refinance programs will be expanded to include those making at or below 100% of the area median income (AMI) – up from 80% AMI:
“Freddie Mac is taking action to ensure more deserving homeowners can benefit from today’s low mortgage rate environment through refinancing,” states Donna Corley, Freddie Mac’s executive vice president and head of Single-Family.
“Working with our lender clients and the Federal Housing Finance Agency, we are now able to help even more lower-income households reduce their interest rate and their monthly mortgage payment through our Refi Possible solution,” adds Corley. “Our priority is to create more equitable opportunities that responsibly support sustainable homeownership.”
Launched in August, Refi Possible is available to low- and moderate-income homeowners with a Freddie Mac-backed single-family mortgage. These homeowners will benefit from a reduced interest rate and lower mortgage payment, helping those who have not refinanced save an estimated $100 to $250 a month.