Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

Tried re-financing under new obama plan?

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 must 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.

Answer Question
 
Anonymous

Asked by Anonymous at 4:56 PM on Mar. 19, 2009 in Money & Work

Answers (5)
  • OOOOOOOO...so Obama basically doesn''t give a sh-- about people who are well off, but the unemployed or middle working class society?OOOOOOOOO
    Anonymous

    Answer by Anonymous at 5:07 PM on Mar. 19, 2009

  • FHA will never waive the UFMI because that is the insurance they you won't default on the loan.
    Not everyone will qualify for the Obama plan.
    usmcvalle

    Answer by usmcvalle at 5:14 PM on Mar. 19, 2009

  • Did the statement below make sense to anyone? Obama is well off. It seems to me he is trying to help the unemployed and middle class. I can't say I'm a big Obama supporter, but I don't think he's trying to stop the poster from re-financing. And I'm not sure what the comment has to do with the original post.

    Answered at 5:07 PM on Mar. 19, 2009 by: Anonymous
    OOOOOOOO...so Obama basically doesn''t give a sh-- about people who are well off, but the unemployed or middle working class society?OOOOOOOOO
    Works4Mom.com

    Answer by Works4Mom.com at 6:44 PM on Mar. 19, 2009

  • OP here --Yeah not sure what the 5:07 anon meant. I am not saying Obama is not trying to help... but I wanted to see if anyone has already benefited and if I could get any tips. I think Obama is doing these with best intentions... hey rich people benefited from Bush's policy for last 8 years and I believe a society will thrive when they have a solid middle class...and will collapse if there is the gap between rich and poor keeps widening...
    Well.. this was not a political quesion really...
    Anonymous

    Answer by Anonymous at 4:40 PM on Mar. 20, 2009

  • Read the Stimulus plan yourself. It's on Recovery.org. It's called ARRA; American Reinvestment Recovery Act.
    Anonymous

    Answer by Anonymous at 7:31 PM on Mar. 21, 2009

Join CafeMom now to contribute your answer and become part of our community. It's free and takes just a minute.
close Cafemom Join now to connect to other members! Connect with Facebook or Sign Up Using Email

Already Joined? LOG IN