The Real Deal New York

Subprime mortgage holders with reasonably good credit may be eligible to refinance into more affordable mortgages through under-the-radar government programs, said Eric Rosengren, president of the Federal Reserve Bank of Boston. The Federal Housing Administration offers rates that can be two percentage points or more below the rates on subprime loans, he said. The FHA program provides loans to borrowers who have as little as 3 percent equity and a minimum credit score is not required.