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Freddie and Fannie Make Refinancing a Little Easier
Freddie and Fannie RefinancingMany of First Rate Property Management’s clients have seen the interest rates drop, but unable to refinance due to the decrease in value causing the loan-to-value (LTV) to be too great. Freddie and Fannie have made it a bit simpler for some of us. The first thing to do is call the company you make your payments to and ask if the loan is or since been purchased by Freddie or Fannie. If so, you may be eligible to refinance based on some of the below:
· 125 percent LTV ceiling for fixed-rate mortgages
· Loan must have been purchased by Fannie/Freddie on or before May 31st 2009
· 45% Debt-to Income max (no exceptions)
· Requires an automated approval
Current rates ranging from 4% to 4.875%
Additionally, I’m told that Fannie and Freddie are updating their underwriting systems and creating an automated value model that is due out around March of 2012. Although we don’t know if the rates will be as advantageous as they are currently, the new system should make it a bit easier with fewer fees to refinance. Below are some of the highlights:
· Removing the current 125 percent LTV ceiling for fixed-rate mortgages
· Their new automated value model eliminates the need for an appraisal
· Extending the end date for Home Affordable Refinance Program until Dec. 31, 2013 for loans originally sold to FNMA/FHLMC on or before May 31, 2009. The date by which the loan had to be owned by FNMA/FHLMC has NOT been extended.
· Eliminating certain risk-based fees for borrowers who refinance into shorter-term mortgages and lowering fees for other borrowers
· Need an automated approval
For more information, I have attached the below link:
If you have questions or would like a referral to a lender who can help, please feel free to let me know.
12-15-2011
Tony Drost
Fair Housing
05-28-2014
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