President Obama is extending the 2009 Home Affordable Refinance Program (HARP) with new mortgage rules. Obama spoke to supporters in Las Vegas, NV on Monday about the plan.
4 Points Of Obama's New Mortgage Rules
- No appraisals
- No extensive underwriter requirements
- Mortgage must be current
- Fannie Mae and Freddie Mac will waive fees
No Appraisals
No matter how far underwater you are on your current mortgage, you will still qualify for a refinance.
No Extensive Underwriting Requirements
Even if you have less than perfect credit, you will still qualify.
Mortgage Must Be Current
One missed payment within the past six months makes you ineligible. Even if your lender told you to stop making payments, you are still ineligible.
Fannie Mae and Freddie Mac Will Wave Fees
Your loan must be owned by Freddie or Fannie in order to qualify at all under this plan. The loan has to have been sold to Fannie or Freddie before June, 2009. Find out if your loan is owned by Freddie Mac or Fannie Mae prior to signing up for this new plan. Fannie and Freddie will waive some of the fees associated with closing to reduce the cost of refinancing.
Many people had trouble meeting the strict qualification of HARP. According to CBS MoneyWatch, an estimated 22 million homeowners are now underwater with their mortgages. Fewer than 100,000 underwater homeowners have been able to refinance as of August 31. Obama expects that at least 800,000 more people will qualify for a refinance under these new mortgage rules.
Banks still have the right to refuse the refinance even if all requirements under the new mortgage rules are met. So, if your mortgage is NOT backed by Freddie or Fannie, you're out of luck. And even if it IS backed by one of these government lenders, you might still be out of luck. Is this really going to help?
Obama will be in Denver on Wednesday to further discuss the new mortgage rules along with an expected announcement about a change in the student loan program.
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Comments: 23
You need to be a standup comic!
That would rid the world of some of the worst scum there is on earth.
Ready for plan B?
hey i know - lets make it happen for certain, and make it happen faster - wont that be great????????????
and after they make the problem even worse, they can still blame the lenders they forced to cause the problem!
yet another plan to delay the problem that congress and admins caused to begin with.
and after they make the problem even worse, they can still blame the lenders they forced to cause the problem!
no surer way to destabilize a neighborhood than for its new generation of home buyers to lack the means to pay their mortgages
which is exactly what congress did before starting with cra, then fair credit act, fair housing act and many others - that all had nice well meaning names, but non fulfilled the promise of the labels given, and in fact wreaked havack and economic destruction - which they then blamed on the \very people they forced to provide the loans.
"That’s why I’m going to keep forcing these senators to vote on common-sense, paid-for jobs proposals. But last month, when I addressed a joint session of Congress about our jobs crisis, I also said that I intend to do everything in my power to act on behalf of the American people -- with or without Congress."
We have a king now....
Hale King Obama!
This President has faced some of the most rediculous accusations and challenges just to distract him and his administration from the job at hand. No Republican is ever held to the same standard as Democrats.
No Republican is ever held to the same standard as Democrats.
you are right - republicans are held to an insane standard.
if a gop has a discreet affair while on vacation, or free time - they are crucified in the media and their career is over.
if a dem has one and is actually recieving gratification while in office, while on the phone, and while discussing the fate of young american soldiers - it is simply 'boys will be boys' and they continue on without so much as 'shame on you'.
or look at how bush is so vilefied for his spending (which was stupid in my opinion) yet obama spends 4 times faster and is lauded as a genius?
bush gave bigger reductions in tax rates to middle and lower income people, while a small one to higher ioncome people. yet he loves the rich. obama bulldozes cap and trade thru illegally, whoch will financially destroy every homeowner and job provider in the country except the uber wealthy, and he is heralded as the champion of the little guy.
yup - the standards are certainly different.
To hell with America and the rest of the world of garbage. You all need to drop dead and get the hell off the face of the earth. Take your polyester suits, and your fancy ties, and your fancy glass of wine, and your fancy everything else with you, and get you and all your bunch of crap garbage off the face of the earth. That's where you've got my vote. And take all your GD parties, Democrat, Republican, and drunk parties and all, and get the hell off the face of the earth.
Norman - I don't understand what is bad about Dodd Frank. Can you give me valid reasons why someone should NOT be watching over wallstreet and preventing another bailout??
Del - Bush went around Congress also to get his Iraq War started. He completely lied about WMD being in Iraq. He immediately flew the Bin Laden's out of the coutry on 9/11. His family has been photographed with the Bin Laden family. And there's no way that a barely literate George W. Bush graduated from Harvard. There's more stink and lies around the Bush family than could ever be drudged up on Obama.
Joint resolution to authorize the use of United States Armed Forces against Iraq.
House approved 297-133
Senate approved 77-23
All Republicans are garbage. And all Democrats are garbage. And they all need to be lit up like a match and then have fuel added to make sure the job is complete. Just like all the other garbage.