Refinancing Salient Features

1) Is your First Mortgage Below 105% of Current Market Value ( Ignore Second Mortgage if you have one)….So lets say you have a first mortgage of $200000 and second mortgage of $50000 you will qualify for refinancing under the Homeowner Affordable Refinance Program as long as the value of your home is $210000 or more.
2) Even if your New Loan has a Loan to Value (Only consider first Loan) of 80% or more you may be able to refinance without Mortgage insurance as long as your current loan has no MI or the MI has dropped off from your current loan
3) There is a limited Time Bound Window to refinance without MI.Your New note has to be dated June 10,2010 or earlier
4) Jumbo Conforming Mortgages will also qualify if your current mortgage is owned by Fannie Mae or Freddie Mac
5) Even if you Purchased or Refinanced recently ,you can take advantage of lower interest rates as long as your loan was delivered before Feb 28th 2009( Generally those who refinanced upto Dec31st 2008 should be eligible)
6) Under certain situations your oan may be eligible for Appraisal Waiver as indicated by the automated underwriting findings
7) Generally 1-4 Unit Properties,Primary Residences,Second Homes and Investment Properties will be Eligible
8) You will need to be current on your mortgage and no more than a 30 day late in the last 12 months
9) There is no pre specified Credit Score Requirements. It will be determined by the automated/manual underwriting findings based on the overall credit profile .
10) Income documentation requirement could be limited to as little as one Paystub for wage earners and one years tax returns for self employed.

Click on the label Refinancing to read all available information on Refinancing

Or Click on Check Eligiblity to see if you qualify for this program