While there are other requirements for dual debt, it is designed to run the system so that most borrowers can afford it. The necessary money and debt can make some earners lose their income.
The Federal Housing Agency on Wednesday announced a new mortgage option for some low-income earners, enabling them to take advantage of lower rates and save money each month.
“There has been an increase in payroll payments over the past year, but more than two million households did not take advantage of the lower tax record,” said Mark Calabria, FHFA’s director.
“The new system is designed to protect potential debtors between $ 1,200 and $ 3,000 a year in their mortgage.”
To qualify, borrowers must be indebted to Fannie Mae or Freddie Mac of the same family and family in which they live. Their income should be 80 percent or less than the average income in their community. And their bills must be in good condition – no losses in the last six months and no more debt in the last 12 months.
While there are other requirements for both loans, it is designed to improve performance so that most borrowers can afford it. The money and debt needed can save some low-income earners out of finances. This new option simplifies some of the prices, i.e. the loan doubles for $ 500.
FHFA, which oversees Fannie and Freddie, estimates that the financial system can also keep borrowers from an average of $ 100 to $ 250 a year. Month. The new Refinancing option will be available to potential borrowers from this summer.