Obama Refi Plan Would Help Non-GSE Backed Borrower
Obama Refi Plan Would Help Non-GSE-Backed Borrowers
In the details released today, President Barack Obama fleshed out a proposal he announced in his State of the Union speech to boost the housing market by helping more underwater home owners than are currently being served by lenders.
The President said he wants to make the federal government's existing mortgage refinance program, called HARP (Home Affordable Refinance Program) available to more home owners. It's currently available to struggling borrowers with loans backed by Fannie Mae and Freddie Mac. For these borrowers, incentives are provided under certain conditions to make refinancing more attractive.
Under the new proposal, HARP would be expanded to include borrowers with loans that aren't backed by Fannie and Freddie. These are the borrowers whose loans were securitized in private-label securities without any federal backing, and they would be allowed to refinance into FHA-backed loans, the same as the Fannie and Freddie borrowers. The administration has estimated that borrowers would save $3,000 a year in mortgage costs.
To be eligible, borrowers would have to READ MORE
Daily Real Estate News | Wednesday, February 01, 2012
By Robert Freedman, REALTOR® Magazine
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