The Making Home Affordable program is in full effect. You can read about the requirements here, but the highlight of this program is that it allows homeowners that have between 80% to 105% Loan-to-Value (LTV) ratio to refinance.
I locked a client in on this program this morning at the following terms:
$405,000 Loan Amount, 94% LTV ratio, 722 FICO
No prepayment penalty
No Mortgage Insurance
30 Year Fixed, 5.125%, no points, guaranteed max closing costs of $3000.00 (APR 5.191%)
In most cases, interest rates are the same as a traditional refinance, when a homeowner has more than 20% equity in their home. Rates will be different when a person is in the high-balance loan limit level (above $417k) as well as those above 95% LTV.
This is a great opportunity! Please let me know if you’re curious about a rate quote for your situation.
