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HOME AFFORDABLE HAS ARRIVED!
Do you have a property that you bought before 2009, that you may have sunk money into that as of today, you can not refinance because the neighborhood comparable sales simply do not reflect the price that you may have originally paid? Has the property fallen in value so much so that the equity that you thought you had, no longer exists, at least on paper? If this is the case, read on, ...you are not alone.
The large majority of buyers who have purchased in the last few years of a heated economy are pretty much in the same boat. Saddled with higher interest rates than that of the present market and a home that will not appraise enough for bank guidelines to refinance them to the current present lower interest rates that are now available. This is why, under the Obama Administration that Fannie Mae and Freddie Mac, the two quasi-government arms of lending have just this month introduced DU Refi Plus and Home Affordable Options for borrowers with diminished equity.
Now, you can actually refinance your home to the lower interest rates even though your home value has fallen. Even if you are slightly upside down in your home value, you may qualify. In some cases, exterior only appraisals may be requested, and in other cases, a borrower's property tax assessment record may be used in lieu of the cost of an appraisal.
Some are just a few of this program's highlights:
You may roll all of your closing costs into your loan. Your loan may even be for slightly more than its appraised value. In fact, this new program allows the borrower to borrow up to 105% of their appraised value.
*Mortgage insurance is not required, if you previously did not have mortgage insurance.
*All borrowers on the original loan, must appear on the refinance.
*In addition to the borrowers already on the loan, additional borrowers may be added to qualify.
*The amount of cash received by the borrower from the refinance must not exceed $2000.
*And, most importantly, the borrower's present loan must have been underwritten by either Fannie or Freddie.
To find out if you may qualify for this new program, you must have your loan profile run in either the FannieMae or Freddie Mac automated underwriting system. Merely contact us, and we will be happy to assist you.
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