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Old 06-01-2009, 12:21 PM
 
Location: Washington
479 posts, read 1,974,797 times
Reputation: 251

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According to what I have read, there is program available to people with good credit who can afford thier payments, but are upside down on their morgage and want to re-finance. It might be worth looking into? Does anyone know about this? I think it is new.
Making Home Affordable - Home Affordable Refinancing - Home Affordable Modification
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Old 06-01-2009, 12:40 PM
 
Location: Denver, CO
1,880 posts, read 4,295,643 times
Reputation: 1574
It's not new, I've looked into it for a refi. If you meet the criteria (Freddie/Fannie loan, owe up to 105% of house value, no late payments) then you can be eligible. Freddie loans also require you to do the refinance through your current lender. If you don't pay a PMI currently you don't have to even if you owe 105% of house value. You can also roll $2500(?) of your closing into the loan.

My only beef with it is that you can't lender shop if your loan is securitized by Freddie Mac, and my current lender was gonna charge me a good amount of origination fee to do this. My situation was different though, since I have more than 20% equity so I rate shopped and found a great lender.

I think it's a good option to consider if you are upside down (but not more than 105%) and currently not paying PMI but your rate is high.
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Old 06-03-2009, 08:39 AM
 
Location: MID ATLANTIC
8,156 posts, read 20,058,165 times
Reputation: 9396
The Home Affordable can be a help to some. First you need to determine if your current loan is an eligible Fannie or Freddie loan. The website you posted gives step by step instructions to determine eligibility. The biggest roadblock I have run into, it really helps a very small percentage of the population and shopping for competitive lenders is really an after-thought (especially on a Freddie loan).

I say this refinance program is Strike 2.

(Strike 1 being FHA Secure)
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Old 06-03-2009, 11:06 AM
 
Location: Waterford & Sterling Heights, Michigan
340 posts, read 881,832 times
Reputation: 343
Has anyone been succesful in refinancing using this program? Or do you know anyone that has been able to refinance using this program?
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