Hope for Frederick Home Owners - Home Affordable Refinance
The new initiative from the administration's Making Home Affordable program will help homeowners refinance who couldn't qualify under other programs. The Making Home Affordable applies to homeowners with mortgages guaranteed by Fannie Mae. The Freddie Mac program is called the Relief Refinance Mortgage.
The new program has a maximum loan-to-value ratio of up to 105% to help homeowners who are facing declining home values. (That would be almost everyone). Home owners who qualify for the refinancing can get fixed-rate mortgages up to 40 years or ARMs for at least 5 years. The interest rates of course, vary with credit scores.
One of the big differences in this initiative is that Fannie Mae will allow borrowers to choose their FNMAE approved lender so they can get the lowest closing costs. Freddie Mac limits borrowers to refinance through the lender that services their loan.
You need to contact your loan servicer to find out if Fannie or Freddie owns your loan. Check out Fannie Mae and Freddie Mac websites for applications to find out if they own your loan.
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The Highland Group – Real Estate Teams
Chris & Karen Highland * Frederick County MD Real Estate Agents
Specializing in Frederick County Real Estate
301-831-9947
Real Estate Teams, LLC
isell4u2@msn.com