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I remember someone on here a while ago saying that there are actually two options: a modification and a re-fi. The refi works, but the modification thing has basically been a joke. I haven't looked into it any further, though.
Correct, I am referring to the refinance option not the modification. I never expected the modification program to work.
That's the issue. The majority of people who did conventional loans put 10-20% down and are able to refinance. But those who did jumbo loans in high cost areas can't refinance either since those loans weren't owned by Fannie even with 20-40% downpayment since they still fell into jumbo territories.
However during the boom many people did not. Many did 80/20 no down loans or 90/10% and the vast majority of these aren't owned by Fannie either.
The Fannie/Freddie "jumbo" conforming for high price areas qualifies for the 'Obama refi'. If you are over that (i.e. $800k loan), you shouldn't need any assistance imo.
80/20 and 90/10 where the 1st mortgage was under the conforming limit were done as Fannie Freddie loans and are eligible.
I've actually closed a bunch of 'Obama refi's' as I call them. Has worked pretty well for a gov't program in my opinion.
You think it worked pretty well? I closed quite a few loans with this program, but according to most people it hasnt lived it to the hype. Supposed to help 5 million homeowners, but to date only 800,000 or so people have qualified.
You think it worked pretty well? I closed quite a few loans with this program, but according to most people it hasnt lived it to the hype. Supposed to help 5 million homeowners, but to date only 800,000 or so people have qualified.
Like most govt programs...they sound good, look good but in reality they dont work well.
Of course the lying scum bag politicians will embellish the numbers.
However, I have yet to have a second mortgage holder refuse to subordinate.
While I can't do them if they currently have mortgage insurance, it is my understanding that the PMI factor cannot change on the refinance, so this is another misnomer in the linked story.
I qualify and fit the exact profile of what the program is intended to cover. I am at 140% LTV, have a Fannie Mae/Freddie Mac loan since 2006..Been paying my loan at almost 6% interest for the past 5+ years. I cant wait to knock it down to a lower interest rate.
I qualify and fit the exact profile of what the program is intended to cover. I am at 140% LTV, have a Fannie Mae/Freddie Mac loan since 2006..Been paying my loan at almost 6% interest for the past 5+ years. I cant wait to knock it down to a lower interest rate.
yeah I am still concerned that if you are paying PMI your loan doesn't qualify
yeah I am still concerned that if you are paying PMI your loan doesn't qualify
Where does it say this? I already have been in touch with my loan servicer - they say from the guidelines put out so far, I qualify. Can you state your source?
Where does it say this? I already have been in touch with my loan servicer - they say from the guidelines put out so far, I qualify. Can you state your source?
You can have PMI and qualify. You just have to work with your current servicer as it sounds like you are doing.
Where does it say this? I already have been in touch with my loan servicer - they say from the guidelines put out so far, I qualify. Can you state your source?
I am contacting Citibank today to see whats up. I think if you refi with the same lender you may be ok but if you refi with another lender then you may hit a road block.
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