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American Recovery and Reinvestment Act offers buyers insentives and owners the ability to take advantage of low rates.
Increased Loan Limits-approved but not currently available, stay tuned. This provides more home owners with the best interest rates, conforming not jumbo money.
FNMA Refi Plus and Freddie Mac Relief Refinance- Provides a new option for home owners who's values have dropped and now they are unable to take advantage of the new low interest rates. Provides for no cash out refinance up to 105% of appraised value. This requires your loan to be owned by FNMA or Freddie Mac. This is not your loan servicer. You can locate this information at their websites. Any lender or broker can facilitate the loan refinance.
Loan Modifications-For loans originated prior to 1/1/09, provides servicers and home owners to renegotiate the rate, loan balance and payments. This requires a home owner to work with their current loan servicer.
Hope for Home Owners- a hot line to helping home owners with options.
888-995-HOPE
First time home buyer tax credit - Purchases from 1/1/09 to 12/1/09. First time home buyer includes those who have not owned a primary residence for the past 3 years. Maximum income for full benefit up to $8,000.00 is $75,000 for single buyers and $150,000 for married couples.
For More Details, call our office and ask for a mortgage advisor.
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