Homeowners must sign their deed over to the lender and be released from any second mortgages. The rental rate can be no more than 31 percent of their gross income.
Leases can be up to 12 months long, and borrowers can extend them month-to-month after that.
The program is designed to keep families in their homes and cut criminal defacement of vacant homes.
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source: Fannie Mae, Bloomberg News
