This has been a long time coming...
The government has finally come out (well not fully yet - but close!) with a program with that will allow underwater homeowners to refinance their existing loan regardless of the appraised value. Basically removing any caps on LTV requirements.
Read here:
http://www.msnbc.msn.com/id/45015824/ns/politics-white_house/deck/msnFirst, we have to find out what investors are going to offer the program. Then, we need to find out how Fannie Mae and Freddie Mac will roll to direct lenders (which Eagle Home Mortgage is one) but we need more information before we know if we can originate these deals and how.
As soon as I have more information I will post it on the site for you guys to read and share. This could be a great opportunity for those of you who are on an ARM to get on a fixed rate loan and actually start paying down the principal. Or those of you with a high rate and want to reduce it for a lower monthly payment.
Rates are at historic lows right now!
Stay tuned....
Jon Gabrio
Loan Officer
Eagle Home Mortgage
MLO-263956
Equal Housing Lender
