SellingNorthernNV

Although The White House had stated that its massive housing relief effort would be for owner-occupied principal residences only, last week Fannie Mae and Freddie Mac announced that investor and second family home loans were now included among those eligible for refinancing. However regardless of whether you’re owner-occupied or an investor, you must meet the following requirements:

- The mortgage on your property must be owned or guaranteed by either Fannie Mae or Freddie Mac. If you are unsure of who your loan is owned or guaranteed by, contact your loan servicer.
- Credit is not a problem since Fannie Mae and Freddie Mac have agreed to waive their usual minimum credit requirements.
- You cannot of had a late payment on you loan within the last 12 month period
- Loan to Value Ratio: Your current balance cannot be no more then 5% below your properties value.

Unfortunately this last requirement will cause the majority of home owners to be ineligible. My local market alone has seen a 50% +/- decline in property values over the last 3 years in some areas. Although this refinancing program may help a small pool of homeowners, we’ve already seen an increase in Short Sale listings as a result of this 5% requirement.

Should you have any questions or need further information, please don’t hesitate to contact me,(775) 220-1630
Or visit my blog at www.SellingNorthernNV.com

Joshua Talayka
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521

Tags: Fannie Mae, Freddie Mac, Loan Modification, mortgage, refinance

This entry was posted by Josh Talayka on Monday, March 16th, 2009 at 5:34 pm and is filed under Financing/Mortgage Topics, Loan Modification Series. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.