As you may know, President Obama and the US Treasury have developed a program called “Making Home Affordable” that aims to allow homeowners to refinance at competitive rates even though they may not meet traditional credit and/or home equity requirements. I believe this program has the potential to open doors for millions of Americans to refinance into super-low fixed rates despite their falling home values, and I want my clients to be the first to seize this opportunity.
The program was announced in early March, and it has taken several weeks for the lending industry to determine how to best implement the program. Over the last two days, however, the following feature highlights of the program have been announced:
Loan-to-value percentages of up to 105% will be allowed, meaning homeowners who have little to no equity may be eligible to refinance
No mortgage insurance will be required if the current loan did not originally require mortgage insurance
No credit score minimum, but you must have solid mortgage payment history
Loans up to $417,000 will be eligible
Primary residences, vacation homes and investment properties are all eligible
Only loans that are currently owned by Fannie Mae or Freddie Mac will be eligible
Beginning next week, “Making Home Affordable” refinances will be offered by two of my top lenders!
My team and I will be working over the weekend to exhaustively review hundreds of our client’s situations to better determine who may be eligible for this unprecedented program. Simply email me at to indicate you would like me to research your eligibility and contact you as soon as possible. Also, don’t be shy about forwarding my blog to your friends, family, neighbors, and co-workers who may benefit from this program. I’m sure you have someone you care about that needs this refinance opportunity to improve their financial well-being. It would be my honor to take care of your loved one in the same trusted manner I have done for you over the years. Remember, referrals are the heart of my business.
As your committed mortgage and real estate consultant, I am excited about proactively working with you in the coming days to take advantage of this long awaited and valuable opportunity.
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