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ashleyblanton · Posted: Tue Apr 21, 2009 10:43 am Post subject: Obamas Making Home Affordable

This is an FYI for all borrowers who want to know a little more about this plan.

To qualify you must:

1. Owe between 80 - 105% of your mortgage.

2. Have a loan backed by Freddie Mac or Fannie Mae (if you do not know you can call 1800-7Fannie or 1800-Freddie)

3. Have a conforming loan (a loan amt. of $417000 or less or if you are in a high cost area such as San Francisco $625500)

4. This is only rate and term. And you cannot pay off your 2nd mortgage if you have one, it will have to be subordinated.

If you currently have mortgage insurance then you will continue to have mortgage insurance, but if you do NOT currently have mortgage insurance then you will not have it with this new program.

Rates are at a historic low, and this is a GREAT program for anyone who previously couldn't get financing due to their home be upside down or out of qualifying range. (97.75% - 105%)

Best of luck!!!

eric1 · Posted: Tue Apr 21, 2009 4:01 pm Post subject:

Ashley,

Thanks for detailing this for everyone. Not sure if you are seeing this but a few banks are not participating at the level outlined above. For example, some of them will not offer it past 90LTV etc etc

I guess participation in this program is not mandatory.

Posted: Tue Apr 21, 2009 4:03 pm Post subject:

I haven't come across this yet as I use mainly the bigger banks, but I am sure that is probably the case. Taking on a ton of risk is scary.

Thank you!

srleee · Joined: 23 Apr 2009 Posts: 14 4.70 Dollars($)

This program starts May 2nd I believe. I have contacted an agency that work on these and they were much help. I found them on Craigslist (before I found out about this forum). If you need their contact just let me know...

savior70 · Posted: Tue Apr 28, 2009 4:51 am Post subject:

Hi

Thanks, Ashley, for sharing the information with us. Smile

With the real estate prices on the decline, thousands of homeowners have been facing difficulty to refinance their homes as most of them are upside down. This program will no doubt benefit all those homeowners. The points you've mentioned here will definitely be useful for the home owners who are often confused about the whether they qualify for this new home affordable program.

eric1 · Posted: Tue Apr 28, 2009 8:14 am Post subject:

For this program to truly be a success, FNMA needs to accept loans that do not currently reside with them just as long as the new loan passes FNMA DU Refi Plus guidelines. As it stands right now, many of the homeowners who need the help have sub prime loans that are not FNMA. So, they do not qualify and are not getting the help they need.

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Obamas Making Home Affordable