The enhancements will make it easier to refinance for many that have mortgage balances that are more than the value of their homes.  Generally a person qualifies if the home loan was guaranteed by Fannie Mae or Freddie Mac, if the home has less than 5 units, mortgage payments have made timely for the prior 6 months , and there has not been a mortgage payment more than 30 days late for the prior 12 months.
This program waives the loan-to-value requirements.  An appraisal will not be needed for many.  The program is expect to be available in December 2011.
READ MORE 

Back to Top