Lower-income homeowners could benefit from a new refinance program being launched by the U.S. government.
Eligible borrowers will be able to refinance their mortgage at a reduced interest rate and lower monthly payment starting this summer. This would save them an estimated $100 to $250 a month, according to the Federal Housing Finance Agency, which oversees mortgage-backers Fannie Mae and Freddie Mac.
“Last year saw a spike in refinances, but more than 2 million low-income families did not take advantage of the record low mortgage rates by refinancing,” Mark Calabria, the agency’s director, in a statement.
“This new refinance option is designed to help eligible borrowers who have not…