Freddie Mac / Federal Home Loan Mortgage Corp (OTCBB:FMCC) program is similar, although it isn’t limited to first-time homebuyers (who have to take part in a borrower education program to qualify for the program). Also, Freddie Mac is only allowing refinancing under the program on a no-cash-out basis. Freddie Mac estimates that borrowers should expect to pay between $40 and $80 per month for every $100,000 that they have borrowed until they have built up 20% equity in the home, at which point they can cancel their PMI.
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