New Home Affordable 125% Refinance Program
You have probably read that President Obama announced changes to the Making Home Affordable Refinance Program whereby a person can refinance a first mortgage that is upside-down. The big caveat being that the mortgage needed to be owned by Fannie Mae or Freddie Mac with the loan originated prior to June of 2009.The changes announced yesterday extend the program to December 31, 2013, and will allow a refinance of a first mortgage no matter how far upside down the home is. The basics that were announced are below. No lenders are offering the program yet although major lenders are working on it’s release.
The requirements as they have been released to date are as follows:
- 1st mortgage owned by Fannie Mae or Freddie Mac
- NO late mortgage payments within the previous 6 months
- NO MORE THAN 1 late mortgage payment within the past 12 months
- 2nd mortgages must agree to go back in 2nd position
Contact The Mortgage Mark with any questions!!
www.themortgagemark.com mwilkins@capitalfmc.com
