We received a good question this past week...."What do you think about the Obama administration and their latest expansion of the "home affordable" refinance program that was recently outlined.  Will it help those tens of thousands of owners whose houses are seriously "underwater"?
Unfortunately, it's not working fast enough. Instead of requiring an appraisal and having the borrower qualify for the refinance loan, they should have copied the FHA Streamline program. An FHA Streamline does not require the borrower to qualify or an appraisal. This would allow millions of homeowners to lower their monthly house payment quickly and easily.
To find out if your loan is eligible visit
MakingHomeAffordable.gov
Fannie Mae Lookup
Freddie Mac Lookup
or email us and we'll help you out.
If you have any questions you would like us to answer on our show, please call our listener line at 714-519-7833 or email mortgagepodcast@gmail.com.
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