Fannie Mae offers low-income mortgage holders a refinance option through a program called RefiNow, meant to reduce monthly payments and interest rates. To be eligible, homeowners must be earning at or below 100% of their area median income (AMI). “Lower-income borrowers typically refinance at ...
Fannie Mae’s history goes back to the Great Depression. It was created as part of the New Deal with a mandate to help low- to middle-income borrowers become homeowners and thus reinvigorate the housing market. Who Regulates Fannie Mae? After receiving $187 billion in bailouts due to the 2...
Fannie Mae CEO explains what homeowners get wrong about climate change Oct. 16, 2024 at 12:05 p.m. ET 1:28 Fannie Mae CEO: ‘It’s a highly unaffordable market right now’ Oct. 16, 2024 at 12:05 p.m. ET 1:48 Fannie Mae CEO: Building affordable housing will require local leaders...
Homeowners can avoid exceeding the conforming limit by breaking their loan up into a first and second mortgage, known as acombo mortgage. For example, if you keep your first loan amount at $806,500 (or $1,209,750 in a high-cost area), you can add asecond mortgagebehind it without bre...