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Fannie Mae and Freddie Mac Refinances up to 125% loan-to-value
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Today the US Treasury Department announced an update to allow refinancing of mortgages backed by Fannie Mae and Freddie Mac up to a first lein position of 125% of the home’s appraisal value. This is a level that was previously set at 105% loan to value.
This is an effort to stem off more foreclosures using the government’s Making Home Affordable Program to refinance borrowers who are current on their mortgage payments. The announcement is so new that the agencies FannieMae and FreddieMac have not yet released the pricing for these refinance programs.
Check with your loan servicer if you think you may be eligible for one of these refinances. Interest rates are not as attractive as they were earlier this year, but a refinance in the mid 5% range still makes sense for some. Those in hard hit areas like Arizona may benefit from the program.
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