Have you though about re-financing your Fannie Mae loan to take advantage of today’s low interest rates? Were you ineligible because your home had dropped too much in value to appraise? The Making Home Affordable Refinance program is designed for homeowners who are current on their mortgage, but who are not able to take advantage of today’s low rates because they are currently upside down on their home.
If your mortgage is held by Fannie Mae, then the Making Home Affordable Refinance program was previously applicable only for homes that had loan-to-value ratios between 80 percent and 105 percent. Since most homes in the Tampa Bay area have declined 30-50%, this made most everyone ineligible for refinance. The revised program allows loan-to-value ratios up to 125% on a 1st mortgage.
Act fast, as the Home Affordable Refinance program ends in June 2010. Follow this link to refinance your Tampa area home today:
http://makinghomeaffordable.gov/refinance_eligibility.html
