New Underwater Homeowner’s Refinance Program…Is it Right For You?

New Underwater Homeowner’s Refinance Program…Is it Right For You?

For homeowner’s who owe more on their loan than their home is currently worth, yet haven’t been able to refinance previously, there may be hope in the horizon.  In an effort to bolster the economy, President Obama is proposing new legislation under the Federal Housing Administration (FHA).  This new refinance program will allow homeowners to refinance at the current interest rates, which are at an all-time historic low.

“… Responsible homeowners shouldn’t have to sit and wait for the housing market to hit bottom to get some relief,” Obama said in his state of the union address. “And that’s why I’m sending this Congress a plan that gives every responsible homeowner the chance to save about $3,000 a year on their mortgage, by refinancing at historically low rates. No more red tape. No more runaround from the banks.”

Well that’s a big sigh of relief for nearly 3 million Americans! 

So the next question is: Is this Right Program Right for You?

To qualify under this new proposed program, there are key factors that must be present.

1) If you owe more than your home is worth

2) You are CURRENT on your monthly mortgage payments

3) You have a mortgage held by Fannie Mae, Freddie Mac or a Private Held Institution that previously did not offer refinance options

This is a great opportunity for qualified homeowners to finally get some relief and taxpayer dollars back from the “bank bailouts”.  Click here to find out more information.