Answer: Home buyers in urban neighborhoods can take advantage of the secondary mortgage market institution's Fannie Neighbors Program.
This mortgage plan was created to increase homeownership and promote revitalization in central cities as well as minority low and moderate income "targeted" areas. Borrowers need less income to qualify for a mortgage and less cash for closing than with standard mortgages. The program includes mortgages to buy or refinance a home.
Fannie Neighbors has no income limit for residents who are purchasing a home within designated central cities (if not the largest city in a metropolitan area, cities must have populations of 250,000 or more.) Borrowers must attend a seminar on home ownership and the home buying process. For a list of participating lenders, call Fannie Mae at (800) 732-6643
