HOMEOWNER AFFORDABILITY AND STABILITY PLAN
If you owe more on your home than it is worth, you may be able to refinance if:
-The existing mortgage is owned by Fannie Mae or Freddie Mac
-The new mortgage balance will not exceed 105% of the home's current value
-The mortgage balance falls within conforming loan limits - $417,000 for single-family homes
The Homeonwer Stability Initiative is designed to assist responsible homewners who are struggling to make their mortgage payment. To qualify, a homeowner must:
-Have a current mortgage payment that exceeds 31% of monthly gross income
-Live in the home
-Have a loan that is within the conforming loan limits
-Apply within 3 years of the beginning of the program
-The existing mortgage is owned by Fannie Mae or Freddie Mac
-The new mortgage balance will not exceed 105% of the home's current value
-The mortgage balance falls within conforming loan limits - $417,000 for single-family homes
The Homeonwer Stability Initiative is designed to assist responsible homewners who are struggling to make their mortgage payment. To qualify, a homeowner must:
-Have a current mortgage payment that exceeds 31% of monthly gross income
-Live in the home
-Have a loan that is within the conforming loan limits
-Apply within 3 years of the beginning of the program
posted by All of us at TRKM at 5/18/2009
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