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Fannie Mae’s HomeReady mortgage program addresses one of the challenges of buying a home with a low income by requiring just 3 percent of the home’s price as a down payment.
The Community Reinvestment Act (CRA, P.L. 95-128, 91 Stat. 1147, title VIII of the Housing and Community Development Act of 1977, 12 U.S.C. § 2901 et seq.) is a United States federal law designed to encourage commercial banks and savings associations to help meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods.
Detractors assert that the early years of the CRA were relatively innocuous; however, amendments to CRA, made in the mid-1990s, increased the amount of home loans to unqualified low-income borrowers and, for the first time, allowed the securitization of CRA-regulated loans containing subprime mortgages.
When you buy a home with a mortgage, that mortgage is the first or primary lien on the property. A second mortgage is an additional lien tied to your home. In the case of down payment assistance ...
HomeReady vs. Home Possible mortgages. Home Possible is a similar program to HomeReady, but it’s backed by Freddie Mac instead of Fannie Mae. Both loans are designed for lower-income borrowers.
In addition, Section 235 originated mortgage subsidies by reducing the interest rate on mortgages for low-income families to a rate more comparable to that of the FHA mortgages. The program suffered from high foreclosure rates and administrative scandal, and was dramatically scaled down in 1974.
Low-interest loans: A low-interest second mortgage you’ll repay over the course of a few years Deferred-payment loans: A no-interest second mortgage you’ll repay when you sell the home ...
It is the largest Federal block grant to states and local governments designed exclusively to create affordable housing for low-income families, providing approximately US$2 billion each year. [ 2 ] The program is commonly referred to as the Home Investment or Home Partnership Program, and is often operating in conjunction with other housing ...
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