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President
Obama’s Making Home Affordable program contains
a new piece called Home Affordable Refinance. This
component is designed to give borrowers who currently
have mortgages with Fannie Mae or Freddie Mac refinance
opportunities. Borrowers must be current on their
existing mortgage, meaning, they have not gone
more than 30
days late in the past 12 months, but have not had
the choice to refinance due to the decline in home
values.
The refinance must improve the strength of your
loan by lowering the rate or taking you from an
interest only or ARM to a fixed rate mortgage.
The new loan
can not be more than 105% of the current value
of your
home and you can not get cash out. The real objective
of this program is to get current homeowners more
affordable rates and/or more stable loan programs.
Click
here to see if your home qualifies.
Contact
Freedmont to get the process
started!
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