Today the Federal Housing Finance Agency announced a new program designed to help even more underwater homeowners refinance their mortgages at today's low rates. The plan hopefully will allow homeowners to lower their monthly mortgage payments, thus freeing up money to be spent in the broader economy and help the US from slipping back into recession again.
Previous programs had been restricted to homeowners who were no more than 125% upside-down on their homes. The new FHFA program places no cap on how much the borrower owes, or how far underwater they are. Only mortgages backed by Fannie Mae and Freddie Mac will be eligible. Need to know if your mortgage is owned or managed by Fannie/Freddie? Check here and then here. Then call us for a loan officer recommendation.
Helpful links -
Does Freddie Mac own your mortgage?
Does Fannie Mae own your mortgage?