Under the new Homeowner Affordability and Stability Plan, homeowners who stay current on their mortgages, but have been unable to refinance because of decreasing home values, are eligible to refinance into a low-interest, 15 yr or 30 yr fixed rate loan!
The new initiatives can also be used to replace Adjustable Rate Mortgages or Interest Only Loans.
These programs can help homeowners who have loan-to-values ( LTVs ) above 80%, but not more than 105%. If you have a 2nd mortgage or equity line of credit there is no combined LTV limit, provided your 2nd mortgage holder agrees to subordinate their lein.
Step One – visit Fannie and Freddie’s websites below to see who has your current loan.
www.FannieMae.com/loanlookup www.FreddieMac.com/mymortgage
Step Two – Call or email and we’ll see if you qualify. Easy stuff!
