04 Mar 2009

Guideline’s posted for Obama’s Making Homes Affordable

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On March 4, 2009, the U.S. Department of the Treasury issued a summary of the guideliens for Obama’s Making Homes Affordable. According to the release: “The Home Affordable Refinance program will be available to 4 to 5 million homeowners who have a solid payment history on an existing mortgage owned by Fannie Mae or Freddie Mac. Normally, these borrowers would be unable to refinance because their homes have lost value, pushing their current loan-to-value ratios above 80%. Under the Home Affordable Refinance program, many of them will now be eligible to refinance their loan to take advantage of today‚Äôs lower mortgage rates or to refinance an adjustable-rate mortgage into a more stable mortgage, such as a 30-year fixed rate loan.”

Click here to learn more about the program.

Click here to find out if you qualify for the program.