Fannie Mae - Home Affordable Refinance

Looks like Fannie Mae released the guides for their new refinance programs for conforming Fannie Mae mortgage holders. This only applies for those that have a Fannie loan at 417k or under. I know many people on this board have jumbo loans so this wont apply to you unfortunately. What rates will look like is still unknown. But this will allow those holding Fannie loans to refinance with minimum... [more]

Looks like Fannie Mae released the guides for their new refinance programs for conforming Fannie Mae mortgage holders. This only applies for those that have a Fannie loan at 417k or under. I know many people on this board have jumbo loans so this wont apply to you unfortunately. What rates will look like is still unknown. But this will allow those holding Fannie loans to refinance with minimum documentation as long as payment history has been good and if it benefits the borrower. This program will benefit those who have lost equity. One example is if you got a conforming loan of 417k at 80% financing but lost equity and LTV is now above 80%, you can still refinance without MI. Basically, if you dont have MI now, you wont have MI even though you require more than 80% financing. There are 2 kinds of refinances, one directly with the lender that holds your mortgage and other through any participating lender. Guidelines differ slightly for the 2 programs. For more details, feel free to reach out or you can check the guide straight through efanniemae.com. sunny_hong@countrywide.com [less]