Yesterday's Making Home Affordableplan announcement has many people asking questions. Here are a coupleof the most common questions and answers that I have been asked:
I'm current on my mortgage. Will the Home Affordable Refinance help me?
Eligible borrowers who are current on their mortgages but have beenunable to take advantage of today's lower interest rates because theirhomes have decreased in value, may now have the opportunity torefinance into a 30 or 15 year, fixed rate loan.
Through the Home Affordable Refinance program, Fannie Mae andFreddie Mac will allow the refinancing of mortgage loans that they ownor that they placed in mortgage backed securities.
How do I know if I am eligible?
You may be eligible if you:
- Are the owner occupant of a one to four unit home.
- The loan on your home is owned or controlled by Fannie Mae or Freddie Mac (Don't know? See below),
- You are current on your mortgage payments (current means that youhaven’t been more than 30-days late on your mortgage payment in thelast 12 months.)
- You believe that the amount you owe on your first mortgage is aboutthe same or slightly less than the current value of your house, and
- You have a stable income sufficient to support the new mortgage payments.
More information is available on http://www.financialstability.gov/.
See today's Arizona Mortgage Rates or learn about an Arizona Reverse Mortgage.
