Home Affordable Refinance Program IMPROVEMENTS 10/24/2011 to help Seattle Real Estate
Home Affordable Refinance Program IMPROVEMENTS 10/24/2011 to help Seattle Real EstateFEDERAL HOUSING FINANCE AGENCY: Breaking news that will hopefully help many home owners who were unable to refinance underwater values. With these new changes a homeowner would no longer have a loan to value restriction on their ability to refinance. Lenders currently will not allow more than 105% loan to value. This would be lifted to unlimited. HOWEVER it is still yet to be embraced by the banks. Yes the limit has been lifted but ULTIMATELY the banks have to participate and offer the financing. We will keep you posted on any lenders participating and how we can assist you.
Freddie Mac and Fannie Mae have adopted changes to the Home Affordable Refinance Program (HARP) and you may be eligible to refinance your mortgage under the enhanced and expanded provisions of HARP. You can determine whether your mortgage is owned by either Freddie Mac or Fannie Mae by checking the following websites:
http://www.fanniemae.com/loanlookup/
http://www.freddiemac.com/mymortgage
To read the official announcement please click the link. http://tinyurl.com/3jw8jbj If you have any questions please leave a comment below and we will promptly reply.
Timing is everything just as location of the home is critical. Timing in securing an interest rate, BEST rate, is working with a mortgage professional who has their pulse on the market and when best to advise and educate their clients when timing is right. Along with this key knowledge is to be on top of all of the lending and underwriting changes which seem to almost happen daily. We at the Mortgage Reel are Licensed Washington Loan Originators, serving clients with transparency, knowledge and most importantly keeping your goals in mind. How can we assist you today?
Join the Conversation on Facebook, just click on the banner on the homepage and it will take you to our Facebook page, “How to Beat the Banks on your Home Loan” Like us when you visit and post any comments or suggestions. We want your feedback.
