New York is partnering with Fannie Mae to offer homeowners with risky mortgages the chance to refinance into 30- and 40-year fixed-rate mortgages to avoid foreclosure. The $100 million "Keep the Dream" refinancing program unveiled Friday is a partnership between the State of New York Mortgage Agency (SONYMA), mortgage lenders and mortgage insurance companies. Aimed at borrowers with adjustable-rate or interest-only loans that have just reset or will soon reset, the refinancing loans are limited to the $417,000 conforming loan limit for up to 100 percent of property value. Borrowers must show they have experienced hardship in making mortgage payments or expect to experience hardships in the near future. Those who are less than 60 days behind on their mortgage payments because of a payment increase may also be eligible for the program. The program is targeted at low-, moderate- and middle-income homeowners. Eligible borrowers can have incomes of up to 165 percent of median income in New...
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