Is your Home Loan Owned or Insured by Fannie Mae or Freddie Mac? Find out to see if you qualify for the Home Affordable Refinance program to lower your payment even if you are upside down in your home.
Many borrowers have been anxious to take advantage of today’s historically low rates for refinancing, only to be frustrated by lower home values. The refinancing element of the government’s NEW plan allows for you to refinance up to 105% of the value of your home – here’s the quick scoop.
Loans must be currently guaranteed by Fannie Mae or Freddie Mac, be in good credit standing, and meet present qualifying guidelines. The loan balance must not exceed $729,750 for a one unit property. This will allow a large number of homeowners seeking to cut their monthly expenses, and benefit from the lower home loan rates available today.
