One of the first requirements in qualifying for a refinance or modification through Fannie Mae's Making Home Affordable program is actually having a Fannie Mae Loan.
Now you can find out with Fannie Mae's recently release online tool:
Fannie Mae Loan Lookup
And if you're loan isn't with Fannie Mae, it could be with Freddie Mac (who also has Making Home Affordable programs):
Freddie Mac Loan Lookup
Showing posts with label HASP. Show all posts
Showing posts with label HASP. Show all posts
Wednesday, March 18, 2009
Thursday, March 5, 2009
HASP Refinances Clarified - GSE's Home Affordable Refinance Program
Along with the Obama Adminstration's announcement of the Homeowner Affordability and Stability Plan on Wednesday, Fannie Mae & Freddie Mac has also released information about their role in the plan.
Termed the "Home Affordable Refinance", the two GSEs will be relaxing certain guidelines and price adjustments on refinances to help homeowners reduce their housing costs. Here are the significant features of the new refinance program:
1.) Allows up to 105% Loan to Value (LTV) and no maximum Combined LTV (1st and subordinate loan combined).
2.) No minimum credit score.
3.) May not require an appraisal (appraisal waiver) or exterior-only appraisal.
4.) Eligible property types - primary residence, 2nd/vacation home & investment properties
5.) Limited cash out only - no additional equity allowed to be taken out, but closing costs and up to $2,000 may be included. Existing subordinate loan(s) must be re-subordinated.
The BIG Caveat: The Home Affordable Refinance is for existing Fannie Mae or Freddie Mac mortgages only. No subprime, Alt-A, Jumbo, Reverse or Government loans.
Want to know if you're eligible? Visit www.financialstability.gov/makinghomeaffordable
Here are the new Matrices, showing the credit score, LTV & property type price adjustments.
Termed the "Home Affordable Refinance", the two GSEs will be relaxing certain guidelines and price adjustments on refinances to help homeowners reduce their housing costs. Here are the significant features of the new refinance program:
1.) Allows up to 105% Loan to Value (LTV) and no maximum Combined LTV (1st and subordinate loan combined).
2.) No minimum credit score.
3.) May not require an appraisal (appraisal waiver) or exterior-only appraisal.
4.) Eligible property types - primary residence, 2nd/vacation home & investment properties
5.) Limited cash out only - no additional equity allowed to be taken out, but closing costs and up to $2,000 may be included. Existing subordinate loan(s) must be re-subordinated.
The BIG Caveat: The Home Affordable Refinance is for existing Fannie Mae or Freddie Mac mortgages only. No subprime, Alt-A, Jumbo, Reverse or Government loans.
Want to know if you're eligible? Visit www.financialstability.gov/makinghomeaffordable
Here are the new Matrices, showing the credit score, LTV & property type price adjustments.
Wednesday, March 4, 2009
The Homeowner Affordability and Stability Plan Unveiled (sort of)
The Homeowner & Stability Plan (HASP), courtesy of USTreas.gov:
Treasury's Executive Summary (PDF)
Section 1, the part about low cost refinancing, is still unclear. Apparently 3 to 4 million homeowners could benefit, but they still haven't said how. Details of the details are forthcoming, I guess :-)
Treasury's Executive Summary (PDF)
Section 1, the part about low cost refinancing, is still unclear. Apparently 3 to 4 million homeowners could benefit, but they still haven't said how. Details of the details are forthcoming, I guess :-)
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