Fannie Mae Refinancing
 No Social Security number required
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Fannie Mae - Refinancing Options
Fannie Mae Homeowners - Refinancing Options
105% Rate and Term Refinance
Most of the lenders have started rolling out the
H.A.R.P. program to help people who cannot
refinance for various reasons. They can do 105%
LTV and an Unlimited CLTV. The program has good
rates and there is no minimum credit score. It
is subject to automated underwritting so not
everyone will be approved.
This program will help certain people though.
Especially those in declining markets.
“How do you know
when you qualify for a Obama 105% refinance or a
loan modification?“ In order to qualify for
Obama’s new 105% refinance plan your loan to
value cannot be any higher than 105% LTV (loan
to value). In other words, if the value of your
home is $400,000, your loan cannot be any higher
than $420,000 (5% higher than the current market
value)"
Obama's Making Home
Affordable Offers Exciting New 105%
Refinance Options
Making Home Affordable is a new plan
to help keep homeowners in their homes. One
really great part of the plan includes a new
refinance option for homeowners who are trying
and keep their homes.
A lot of ideas surround helping homeowners
who are in default or already close to
foreclosure. Some loan modifications and short
sales even require that homeowners be delinquent
on their mortgage payments before being eligible
and by this time it can be already too late to
keep an owner in their home.
The difference in this plan is that it
targets responsible homeowners who have paid
their mortgages on time for the past 12 months.
By doing that, it targets homeowners who aren't
yet in trouble, making it more likely for a home
to be saved. It also gives homeowners who bought
in the past few years to upgrade to a fixed rate
and a lower rate.
Another huge benefit of this refinance
program is it allows up to 105% financing. Most
people couldn't refinance because they purchased
their home 0% down or little money down or their
home value dropped too much.
This plan is brand new (our lender just
released the guidelines April 7th) so some of
the information may change or vary but here
are some of the main guidelines:
- No Cash Out. If you're looking to
refinance cash out of your property, this
won't be allowed under this.
- Moderately Good Credit, Past Payment
History. This means your credit score
must be over 620, no late mortgage payments
for the past 12 months, no bankruptcy
history within 48 months, and no foreclosure
in the past 7 years.
- Documentation. The documentation
requirements are pretty lenient requiring
only 1 month pay stub, a verbal verification
of employment or a year's worth of tax
returns.
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Home Mortgages