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 | Dennis Norman Last week HUD announced changes to FHA home loan programs to provide refinancing options to homeowners who owe more than their home is worth. Under FHA’s new plan,existing underwater homeowners can refinance their existing non-FHA loan into a FHA loan as long as they are current on their loan and their [...] To alleviate some suffering by homeowners,the Obama Administration introduced the “Making Homes Affordable”plan last March. Unfortunately,the plan has not yet had the intended effect. Article by the Grand Law Firm Economists debate whether or not the country is actually currently in a recession. Some say that there are positive signs that we [...] Freddie Mac announced that in the second quarter of 2009,refinancing borrowers overwhelmingly chose fixed-rate loans,regardless of whether their original loan was an adjustable-rate mortgage (ARM) or fixed. In fact,ninety-nine percent of prime borrowers who originally had a conforming ARM selected a new conforming fixed-rate mortgage when they refinanced. While 30-year fixed-rate mortgages [...] Dennis Norman By:Dennis Norman Effective the 1st of this month The Federal Housing Finance Agency has authorized Fannie Mae and Freddie Mac to expand the Home Affordable Refiance Program (HARP) to homeowners who are current on their mortgage payments from the present maximum loan to value of 105% to 125%. The program is [...] | ||||
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