Lower Your Payment With Fannie Or Freddie Making Home Affordable Refinance Loan

Lower your mortgage payment with a government stimulus program through Fannie Mae or Freddie Mac before it expires!

I am finding that many Spokane home owners are not being told about the Obama administration’s Making Home Affordable Refinance program.

Regardless your political views, homeowners like you are successfully using this stimulus refinance program to lower their mortgage interest rate and monthly payments.

The Making Home Affordable program:

• Allows for financing up to 125% of your home’s value.

• If your current loan does not have mortgage insurance you will not be required to purchase it even if you don’t have the required 20% equity.

• Appraisals may be waived! The appraisal is waived for eligible borrowers, saving you $400 to $500. We have successfully used this provision even with clients that DID have the 20% equity. In other words, they didn’t need the MHA program but we utilized it to save the appraisal fee!!

 Determining your eligibility is simple:

• Your loan must be owned by Fannie Mae or Freddie Mac. We can show you how to find out if either agency owns your loan.

• You must have made all payments within 30 days of the due date during the last 12 months.

• The new loan can’t exceed 125% of the home’s current value.

• The new loan cannot be used to pay off a second mortgage or to take cash out.

I’ve been surprised at how little attention this program has received and suspect it’s due to the “special” nature of the program. The lender needs to be current on their guidelines to understand the nuances of how to get these loans approved and closed.

To find out if the Fannie or Freddie Home Affordable Refinance program can help you lower your mortgage payments call 509-252-9151. Either Rebecca or I will pick up the phone and we would be honored to help. You will work directly with the two of us – I am the Branch Manager and Rebecca is the Branch Processor.

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