In a move aimed at furthering the success of President Obama's Making Home Affordable Program, Freddie Mac has announced several changes to its refinance offering under the program.
Freddie Mac's Relief Refinance Mortgage is designed to assist borrowers who are current on their mortgage payments but who would benefit from refinancing into mortgages with terms that better position them for long-term homeownership.
Once these changes are available, borrowers will be able to refinance a Freddie Mac-owned or guaranteed mortgage with any lender affiliated with Freddie Mac. Previously, borrowers had to work with the lender who currently services their mortgage. In addition, to help reach more borrowers, Freddie Mac is increasing the amount of closing costs that can be rolled into the new refinance mortgage.
Freddie Mac will allow the lesser of 4 percent of the new refinance mortgage amount or $5,000 of closing costs, financing costs and prepaids/escrows to be rolled into the new refinance mortgage.
Borrowers should visit https://www.freddiemac.com/corporate/ and complete the online form to determine if Freddie Mac owns their mortgage.
Contact me if you need help with refinance programs. I'm a CDPE: Certified Distressed Property Expert - and I can help you avoid foreclosure.
Sherry Armstrong, Realtor
386-679-3191
sherry@sherryarmstrong.com
www.daytonabeachflhome.com
www.sherryarmstrong.com
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