Fannie and Freddie Refinance Relief

The long awaited Fannie Mae and Freddie Mac Refinance Relief loan is now available with many participating lenders. A quick overview of the program:

* Primary, Secondary and Investment Single Family Homes are eligible (restrictions apply on 2-4 units)
* Ineligible loans: FHA, VA, High Balance Conforming (exceeds current conforming limits), 2ND mortgages
* Full documentation required to qualify including but not limited to: income and assets
* No MI coverage if the current loan does not require it
* Appraisal determined by system response
* 105% loan-to-value

This loan product offers borrowers who are currently "upside down" to refinance their existing loan balance with closing costs at up to 105% of the current market value of their home. While many San Diegans may exceed this ratio, there may be some who can benefit. A simple check of eligibility includes confirming the loan is currently held by Fannie or Freddie, obtaining a mortgage balance and an estimated appraised value and evaluating income to repay the new loan. Interest rates have dropped considerably and vary between 4.875%-6.50% for conforming loan balances. If you currently have a 2ND mortgage, the lender must re-subordinate their position at the higher Loan-to-Value ratio. You should contact your 2ND mortgage lender to research this possibility. To have your current financial situation evaluated, please contact me at (619) 640-6611 or tiana.uribe@trufinancialservices.com

Until next time, "Positive anything is better than negative nothing" - Elbert Hubbard