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First National Bank (FNB) has announced that it has expanded its affordable mortgage offerings to include the Fannie Mae RefiNow and Freddie Mac Refi Possible programs.
The specialized refinance programs are available to homeowners with income at or below the area median income (AMI) for their market, enabling them to refinance their mortgage at a lower rate and a lower payment while also providing a credit of up to $500 to cover appraisal costs.
“We continue to enhance our affordable mortgage offerings with new programs and increased digital access through eStore as part of our ongoing commitment to providing solutions and education that make homeownership attainable for more families,” said Joseph Cartellone, executive vice president and director of mortgage services.
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In addition to the new refi offerings, FNB offers affordable homeownership and home improvement and rehabilitation programs. The bank is also increasing its closing cost assistance grant to $5,000 in April to advance its commitment to borrowers who have low or moderate income, or who are purchasing a home in a low- to moderate-income (LMI) community.
The grant is currently available in Pittsburgh, Pa; Johnstown, Pa; Harrisburg, Pa; Cleveland, Ohio; Youngstown, Ohio; Baltimore, Md; Raleigh, NC; Charlotte, NC; Winston-Salem, NC; and Charleston, SC, with plans to expand into additional markets in the future.
