MCLEAN, Va., Oct. 18, 2021 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today issued the following statement in support of an announcement by the Federal Housing Finance Agency (FHFA) that Freddie Mac 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.
Donna Corley, Freddie Mac executive vice president and head of Single-Family released the following statement:
"Freddie Mac is taking action to ensure more deserving homeowners can benefit from today's low mortgage rate environment through refinancing. 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. Our priority is to create more equitable opportunities that responsibly support sustainable homeownership."
Launched in August, Refi Possible SM 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.
Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we've made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac's blog FreddieMac.com/blog.
MEDIA CONTACT: Chad Wandler 709-903-2446 Chad_Wandler@FreddieMac.com