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Lower credit-score requirements help refinancing
Walden Federal has two in its pipeline, with prospective borrowers calling all the time. "The reducing of the credit score is going to be huge," Milo said. "Going by what we've seen so far in inquiries, I think it opens the door significantly." "Keep the Dream" also provides up to 100 percent financing, a key for borrowers who paid top dollar for homes that haven't increased in value since. The program offers 30- and 40-year, fixed-rate mortgages with interest rates of 6.25 percent or 6.75 percent. A version of the program is also available to owners of multi-family homes. For more information, go to www.nyhomes.org and select "Keep the Dream."