REFINANCING NEWS FROM HUD

Good news for those in need of refinancing

and they are upside down….the following statement was recently released:

1)  WASHINGTON - U.S. Housing and Urban Development Secretary Shaun Donovan today announced an expansion of the Obama Administration’s Home Affordable Refinance Program to include participation by borrowers who are current but up to 125 percent underwater on their mortgage. Under authorization provided by the Federal Housing Finance Agency, borrowers whose mortgages are currently owned or guaranteed by Fannie Mae and Freddie Mac will now be allowed to refinance those loans according to the terms of the Home Affordable Refinance program established earlier this year.

As you know there are a great number of people upside down in their home loans.  Hopefully, this news out of Washington will help many.  Especially people who have been making their payments but perhaps need refinancing because of an expired interest only loan or an upcoming ARM (adjustable rate mortgage).  Contact a lender to help you through this process.