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Not sure if this is this should go under politics or money/work - posting in both, Has anyone explored the possibility for re-finance under the new administration rules ?

We are trying for re-finance under new rules that obama adminstration put forth. We are current on payments, but just have a high interest rate and no equity. We want to find out how much it might cost and if we are even eligible, but no body seems to have any clue on the new rules. A report said Fannie will allow 'shop around', but none of the lenders I spoke to know anything about that. I am afraid by the time everyone figures out how this is supposed to work, the interest rates will go up again... we tried FHA 3 months ego, but with the upfront mortgage insurance, the cost was too high. Want to find out it they have waved the upfront mortgage insurance fee.

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Anonymous

Asked by Anonymous at 4:55 PM on Mar. 19, 2009 in Politics & Current Events

Answers (6)
  • Thanks.. but I have read all the articles there are about it... but none of the real loan officers or bank /mortgage associates seem to know the rules clearly.... I want to know if anyone had real life experience, not just through articles..
    Anonymous

    Answer by Anonymous at 5:00 PM on Mar. 19, 2009

  • If your talking about PMI insurance most banks are requiring it now. The no PMI insurance is what caused added to housing collapse. Our loan is defaulting through bankruptcy but the PMI insurance will reimburse the bank for our home.

    Also doing anything from the government would scare me. You could end up signing a piece of paper preventing you from filing bankruptcy like you do in student loans. I just don't trust Washington they screw up everything. Have you tried modifying it through hope 999hope.org think that is the website. Check it out can't hurt
    Anonymous

    Answer by Anonymous at 5:24 PM on Mar. 19, 2009

  • My husband works as a loan adjuster and is very familiar with this new program he deals with it all day everyday I am not kidding his entire job is to take people that cannot afford to be in thier house and do whatever he can to help them! He works at Wells fargo can i ask what company  your mortgage is through?

    momofone072506

    Answer by momofone072506 at 5:38 PM on Mar. 19, 2009

  • The only way around PMI that still works that I know of is VA service disabled, we don't pay PMI because of that and we looked into refinancing recently and that would still be available.
    Praying

    Answer by Praying at 5:58 PM on Mar. 19, 2009

  • Expect that PMI isn't gong away until you have a certain amount of equity in your home.

    I've found that most lenders are still trying to figure things out. They got their info on March 4.
    gdiamante

    Answer by gdiamante at 1:24 AM on Mar. 20, 2009

  • OP here : Thanks momofone.. our loan is through chevy chase bank here in Maryland.
    Anonymous

    Answer by Anonymous at 4:34 PM on Mar. 20, 2009

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