Monday, October 24, 2011

Updated: Major Revisions to Fannie/Freddie Mortgage Refinance Program Coming.

FHFA press release has now been posted HERE, includes Fact Sheet and Q and A. 
In time for President's visit to Las Vegas changes that would expand refinancing options are expected according to WSJ story HERE and Bloomberg story HERE.  WSJ story says program aimed at loans owned by Fannie and Freddie AND 
  • Open to those owing more than 125% of their home's value
  • Appraisal and underwriting requirements to be reduced
  • Loan fees will drop; waived for borrowers who reduce their loan term
  • Borrowers must be current on previous six payments
Second WSJ piece HERE also answers some questions/answers about the planned program.

Originally created and posted on the Oregon Housing Blog.

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