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Answers (4)
- Johnny James, "Palmdale Mortgage"
- Contributions:406
Please do a little due diligence for yourself and spend some time reading up on the information available to you. Try making home affordable dot gov and spend a little time there it gives you the basics to help you understand what your options are. Two types of education One you are given and the One you give yourself. Good Luck
- Bob Phillips, "BobPhillipsRE"
- Contributions:772
Hi Rubix - again - there is one small caveat about Alison's statement:
"To qualify you must owe more than 80% or less than 105% of the value of your home."
It must be 105% or less, of a FIRST mortgage, not all loans, in the cases where there may be secondary financing, as well. All of these links are on the various threads I have answered for you, regarding the government's Homeowner Affordability program.
It's on http:/whitehouse.gov under homeowner affordability.
"To qualify you must owe more than 80% or less than 105% of the value of your home."
It must be 105% or less, of a FIRST mortgage, not all loans, in the cases where there may be secondary financing, as well. All of these links are on the various threads I have answered for you, regarding the government's Homeowner Affordability program.
It's on http:/whitehouse.gov under homeowner affordability.
- Alison Paoli, "AlisonPaoli"
- Contributions:23
Having your loan backed by Fannie or Freddie is the first step towards qualifying for "Home Affordable Refinance." The next thing you should do is evaluate you loan to value ratio. To qualify you must owe more than 80% or less than 105% of the value of your home. You can find out your value by looking at your home on Zillow as well as other comperable homes that recently sold in you area- this will at least give you a ball park figure. If you do fall between that 80%-105% LTV ratio I would suggest that you start collecting recent bank statements, pay stubs, asset documentation etc... This is because starting in April you will be able to work with any broker/servicer/lender to refinance your home- you will not have to work with your current servicer if your loan is backed by Fannie. There are some really great reads about this on the Zillow Blog as well as Mortgages Unzipped- the mortgage blog on Zillow.
Hope that helps!
Hope that helps!
- Marcela Abal, "Marcelaa"
- Contributions:135
Absolutely! If your loan falls into the Fannie Mae/Freddie Mac categories these are exactly the kind of loans that the law was passed to modify. What I do is loan modifications based on debt-to-income ratio. I'd be more than happy to discuss your options with you, at no cost. It is not necessary to refinance to lower your payment. A modification affects your credit less, especially if you are current.
Fannie Mae is the investor for my loan
Does anyone know any details about the stimulus bill will affect my loan or help in my eligibility for a refinance?
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