Obama's New Refinance Program for Responsible Homeowners. The Obama administration just announced details of the new home loan refinance program for responsible homeowners mentioned in the state of the union address. The new refinance plan is supposed to save homeowners an average of $3,0. The new Obama refinance program will be for homeowners previously not covered by the making home affordable program: homeowners who are current on their payments, but can’t finance because they are underwater or have a loan not owned by Fannie Mae or Freddie Mac. Responsible Homeowner Refinance Plan.
Here are some of the highlights of the refinance plan from the fact sheet released by the White House: The refinancing program will be open to all non- GSE borrowers with standard (non- jumbo) loans who have been keeping up with their mortgage payments. The program will be operated through the FHA. Simple and straightforward eligibility criteria: Any borrower with a loan that is not currently guaranteed by the GSEs can qualify if they meet the following criteria: They are current on their mortgage: Borrowers will need to have been current on their loan for the past 6 months and have missed no more than one payment in the 6 months prior. They meet a minimum credit score. Borrowers must have a current FICO score of 5.
Approximately 9 in 1. They have a loan that is no larger than the current FHA conforming loan limits in their area: Currently, FHA limits vary geographically with the median area home price – set at $2. The loan they are refinancing is for a single family, owner- occupied principal residence. Eligibility will be based only on the banks confirming employment. Underwater loans will be eligible, but the LTV doesn’t appear to be set yet: The Administration will work with Congress to establish risk- mitigation measures which could include requiring lenders interested in refinancing deeply underwater loans (e.
Obama reveals new refinance rules at start of Western trip.
December 2012: New White House HARP 3 refinance program proposal! It's no secret that mortgages not backed by the government need a way to refinance into.
The White House is urging the U.S. Senate to vote as soon as this week. White House Pushes Refinancing Expansion Before. About 519,000 homeowners used the HARP program to refinance during the first. Obama’s Refinance Program: Underwhelming Policy, Expedient. Music & Arts Performances See the lineup of artists and performers at the White House; From the Press. Leadership Development Program; Speak Out. How does refinancing help.
White House details mortgage refinancing plan for homeowners. The new proposal also includes a Homeowner. The new Obama refinance program will be. Here are some of the highlights of the refinance plan from the fact sheet released by the White House: The refinancing program will. Comments to Obama’s New Refinance Program. President Obama Announces New Program to Help Struggling Homeowners. White House Press Secretary Jay Carney echoed. Loan modification in the United States; United States housing market correction; Home Affordable Modification Program (HAMP) External links. Making Home Affordable.gov; Fannie Mae loan lookup tool, Fannie Mae website. White House Announces FHA Refinance Program Changes. President Obama has announced changes to the Federal Housing Administration’s streamline refinance program to help more. To read the White House announcement. The Federal Housing Finance Agency unveiled long awaited changes to a White House refinance program. White House Refinance Program.