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Hello Friends!

http://wealthcreationteam.ning.com/video/president-obamas-refinance

Finally, progress on President Obama’s refinance initiatives he spoke about in Arizona nearly 6 weeks ago! Both Fannie Mae and Freddie Mac have announced their programs for those home owners that currently have their first mortgages backed by either of the two.

With Fannie Mae’s DU Refi Plus program and Freddie Mac’s Relief Refi Mortgage, the automated underwriting systems have been updated to start accepting applications to be ran through DU and LP for loan approvals.

There is still a big learning curve not only for the mortgage planner and their team processing your loan but for the investor or lender funding these deals, so patience will be imperative as you begin the process. I strongly suggest going in with low expectations so you can come out on the “other side” pleased if things don’t go terribly wrong.

Again, as I have outlined in my past videos and blogs, the benefits of these programs mainly will be for the ability to refinance your first mortgage to 105% of your current value, limited or nearly no documentation for your income or assets, in many cases no appraisal will be needed, no mortgage insurance required if you currently do not have MI on your loan and finally limited fee or penalty for challenged credit scores.

Some major challenges or disappointments I see currently are the inability to help those people that currently have second loans, government loans like FHA, VA or USDA loans and initially those of you that have private or borrower paid mortgage insurance or lender paid mortgage insurance.

There will be an opportunity in the coming weeks for those of you that have mortgage insurance and the possibility of subordinating your second loan, but due to capacity issues and the potential volume of new applications, investors and lenders are offering restrictive guidelines from the get go and appear to consider more liberal guidelines in the future.

Please watch the video for more details of the program.

If you would like to see if your current loan is held by either Fannie Mae or Freddie Mac, here are the links.

The first website is to check to see if loan is serviced by Freddie Mac:

http://www.freddiemac.com/avoidforeclosure/

Click on “Does Freddie Mac Own Your Mortgage?” on the right hand side.

Here is the Fannie Mae website also: http://www.fanniemae.com/index.jhtml

There is a link on the right does Fannie Mae own your Mortgage?

Thank you in advance for the opportunity to serve you.

Be Blessed!

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Technorati Tags: DU Refi Plus Program, Fannie Mae, interest rates, mortgage

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