Refinance underwater loan
Published On: November 18, 2011
The federal govt. has a revamped program to help "underwater" home owners who want to refinance and take advantage of low interest rates.
- Homeowners are eligible if the loan is owned or guaranteed by Fannie Mae or Freddie Mac and they have less than 20% equity in the home.
- The program starts Dec. 1, 2011 and goes until Dec. 21, 2013.
- Participation is voluntary for lenders.
- Homeowners must not be delinquent except that the borrower may be 30 days late on one (1) payment in months 7 to 12 of the past year.
- Fees are capped at 0.75% of the loan amt.
- A borrower may refinance from a 30 yr. to a shorter term loan. There is no maximum LTV ratio for 30 yr. fixed rate loans.
For more information see your lender!
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