Program will allow low-income homeowners to refinance mortgages

“Last year saw an increase in refinancing, but more than 2 million low-income families did not take advantage of historically low mortgage rates when refinancing,” FHFA Director Mark Calabria said in a statement. “This new refinancing option is designed to help eligible borrowers who have not yet refinanced save between $ 1,200 and $ 3,000 a year on their mortgage payments.”

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