Excellent News for this Refinance Program, Getting a One year Extension until June of 2011
This program is for those current home owners whose home’s value has decreased, increasing their loan to value (ltv).
The loan-to-value (LTV) ratio expresses the amount of a first mortgage lien as a percentage of the total appraised value of real property. For instance, if a borrower wants $150,000 to purchase a house worth $200,000, the LTV ratio is $150,000/$200,000 or 75%.
Loan to values are allowed to go from 80% and all that way up to 125% with this financing. Your current Mortgage has to be with Fannie Mae or Freddie Mac to take advantage.
Mortgage Product Features
- An initiative under the fedral governments Home Affordable Refinance Program
- Allows borrowers who are current on thier existing mortgage to refinance when home values may have declined and/or Mortgage Insurance may not be available
- Only loans currently owned by by Fannie Mae
- The program allows reduced documentation requirements
- Appraisals are determined by the Bank
- ARM Mortgage products are not allowed
- Cash Out refinancings are not allowed
- News secondary financing is not allowed
bc@SmarterBorrowing.com 617.771.502
bc@smarterborrowing.com
617.771.5021
RT @briancav: [New Post] 125% Loan to Value Refinancing extended One More Year http://smarterborrowing.com/2010/03/125-… #in
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