Refinance - even if you're underwater!!! YES you can

March 13th, 2009 8:46 AM

The new Fannie Mae program for borrowers underwater, but with no financial hardship, who CAN refinance their homes is being unveiled.  We expect the new program to be released April 4, and now have several lenders on board that will be accepting applications as of that date.  We do expect a FLOOD of applicants.  Some of the guidelines we do know are that you must currently have a Fannie Mae loan, you will need to document your income and reserves, such as savings, retirement accounts, etc., you will need to be current on your mortgage payments. 

 

I'm sorry but that's about all we know at this point.  Details are being doled out to us as they become available. 

We do not know anything about rates and terms, or what will happen to the portion of the balance that is underwater.

 

If you are interested in this program, as mentioned before, be sure to let me know so we can start putting your application together. 

 

To determine if you have a Fannie Mae loan, go to www.financialstability.gov where there is a plethora of information about the housing initiatives and assistance that is available, or will become available soon. 

 

 

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