REFINANCE NOW !!!December 18, 2008 Historic Fed Rate Cut (lowest rates since the early 1960s) Sparks Home Refinance Boom. President Obama's Making REFINANCE Homes with today LOW interest ... AFFORDABLE, You may already qualified and don't even know !!! MAKING HOME AFFORDABLE REFINANCE PROGRAM Making Home Affordable is part of President Obama's comprehensive strategy to get the housing market back on track, up to 9 million American families may be eligible to refinance or modify their loans to a payment that is affordable now and into the future. President Obama has released details of his Housing and Mortgage Stimulus Plan this week. Now what? If you currently have a mortgage rate of 5.50% or higher you need to call! DU REFINANCE PLUS
Part of the Homeowner Affordability and Stability Plan is a refinance program for existing Fannie Mae or Freddie Mac loans. Fannie Maeis offering two different programs: The Refi Plus Program that requires the servicer of the loan to be the originating lender. The DU Refi Plus Program (DU is the Automated Underwriting System for Fannie Mae) that allows any lender/broker using DU to originate the loan as long as the existing loan is a Fannie Mae loan. In my opinion this is the best scenario as I am able to shop multiple lenders to find you the lowest rate as opposed to just the rate the current lender is willing to offer. This is one of the main reasons and benefits of working with a mortgage broker.
Some specifics of the program are: Existing mortgage must currently be a Fannie or Freddie loan. Existing loan may not be considered ineligible (must get an Approved/Eligible from DU). Ineligible loans include existing mortgage loans that received a DU Expanded approval (EA). The new loan must be a fixed rate mortgage. Maximum LTV for 1-2 unit properties is 105% and require an appraisal. Maximum LTV for 3-4 unit properties is 80% and also require an appraisal. No maximum CLTV. Existing mortgage must be current and have acceptable mortgage payment history. No minimum FICO score is required although borrower must meet bankruptcy and foreclosure requirements. In addition, borrower must demonstrate credit worthiness. Rate and term refinance only (No Cash Out) - purchase money seconds MAY Not be included. Loan level price adjustments (points) will apply (determined by credit score on credit report) MI required (same coverage factor of existing loan) for mortgage loans that had original LTV’s greater than 80%. If you did not have mortgage insurance you would not have it on the new loan. DU Refi Plus must receive Approve/Eligible and will not be available until April 4. Income and employment verification is still required. The broker and lender must determine that the borrower has a reasonable ability to repay the mortgage.
- Freddie Mac has a similiar program There are still many portions of the program details still to be determined. The lenders still have to determine if they will be participating and how they plan to do so. We are confidant this plan will actually help those who have good credit and some equity in their home. If you would like us to assist you with determining if your loan is owned by Fannie Mae or Freddie Mac please email us back or give us a call at (714)531-2678 ... as always NO OBLIGATION what so ever.
DO IT NOW ... The more you wait the more your existing old loan will cost you !!! P.S.: Please do us and your friends + family members a BIG favor by forwarding this email to them.  Vinny Tran / Nancy Do Mr. “Little Saigon” & Associates California Real Estate Broker ID # 01153694 (714)531-2678 Phone (714)968-9380 Fax Email: mrlittlesaigon@yahoo.com |
