Monday, October 24, 2011

Mortgage Refi's (HAMP) To Get Revised

Obama will announce this in Nevada, we think.

...The plan will streamline the refinance process by eliminating appraisals and extensive underwriting requirements for most borrowers, as long as homeowners are current on their mortgage payments ... Fannie and Freddie have also agreed to waive some fees that made refinancing less attractive for some.

...Loans that exceed the current limit of 125% of the property's value won't be able to participate until early next year. The program's expiration date ... will be extended through 2013. HARP is only open to loans that Fannie and Freddie guaranteed as of June 2009. --CalcRisk quoting WSJ

IOW, if you have a mortgage held by (or guaranteed by) a GSE and you want to re-fi, and the property is not underwater by more than 125% AND you are current, the Gummint will assist.


Mr. Tastic said...

This actually makes sense.

Shore up cash for responsible people that are making their payments on time.

Not sure about the 125% LTV or no appraisals...

J. Strupp said...

Kudos to the President. The loosening HAMP underwriting requirements will give much needed stimulus to the economy at a time when little else is being done. I just wish this was done a long ime ago.

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