The Homeowner Affordability and Stability Plan recently passed by President Obama, which became effective March 4th, focuses on homeowners looking to refinance into a more stable loan but currently unable to due to declining property values.
The plan focuses solely on homeowners whose loan is owned by Fannie Mae or Freddie Mac. The links below will help you get started.
http://loanlookup.fanniemae.com/loanlookup/
https://ww3.freddiemac.com/corporate/
Determining the amount owed on the 1st mortgage is important as the plan will allow homeowners, who currently own up to 105% of the current market value of their property, to refinance into a 30 or 15 year fixed loan.
As you are aware, there are many factors that come into play regarding loan qualification. Make sure you are working with a mortgage professional that is aware of the changes.
Thursday, March 26, 2009
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