NEW REFINANCE OPTIONS If You Owe More Than the Home’s Worth

FHA has launched a refinancing program to assist homeowners who owe more on their mortgages than their home is worth.  Beginning Sept. 7, 2010, the agency will offer qualified non-FHA borrowers the opportunity to refinance with an FHA-insured mortgage on their primary residence.  Borrowers must be current on their existing mortgage, qualify under FHA underwriting requirements, and have a credit score of at least 500.

Are You Able to Refinance? Find Out

With rates being the lowest they have been in nearly half a century, customers are anxious to refinance. Here are three things that might prevent them from being able to do so.

Refinancing & Loan Modification Help: MAKING HOME AFFORDABLE PROGRAM

On March 19, 2009, the Obama Administration unveiled its new website on its Making Home Affordable Program. As reported in recent Washington Reports, the program has two main components: (1) refinancing of Fannie Mae and Freddie Mac loans for borrowers who are current and have loan-to-value ratios of 80%-105%, and (2) loan modification for borrowers in default or at imminent risk of default who have high debt-to-income ratios and mortgages with balances up to $729,750 for their real estate.