A new publication that can help consumers decide whether a nontraditional mortgage loan is right for them is available from the federal bank, thrift and credit union regulatory agencies.
Interest-Only Mortgage Payments and Payment-Option ARMs—Are They for You? features information on interest-only (I-O) mortgages and adjustable-rate mortgages (ARMs) with the option to make a minimum payment (a payment-option ARM).
Single copies are available free of charge by calling 202-452-3245.
Workforce Home Benefit, a new initiative from Freddie Mac, helps businesses explore employer-assisted home ownership options. The program can be customized to each company’s particular needs.
Typically for companies with at least 1,000 employees, Workforce Home Benefit can be structured to include home-buyer education and counseling, financial literacy training and down payment and closing cost assistance. Freddie Mac can match employers with lenders, nonprofit housing counseling agencies and local down payment assistance programs.
One-time grants to help with closing costs, deferred loans, forgivable loans and matched savings accounts are the options used by most employers. In addition, a company may be able to take a tax deduction for a business expense.
For more information on the Workforce Home Benefit initiative, visit www.freddiemac.com.
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FedCommunities.org is a portal to community development resources from all 12 Federal Reserve Banks and the Federal Reserve Board of Governors.