Another Stimulus Package Benefit!

Upside-Down Refi's:  

If you are "upside down" on your mortgage, you could NOT take advantage of the great rates to refi. Now there is hope! Starting this week Countrywide Home Loans is implementing the President's Homeowners Affordability and Stability Plan (HASP), enabling you to refinance if your home is "upside down" up to 105% loan to value. There are a few basic rules for eligibility:

ONE: (Temporary rule.)  Your loan must be with Countrywide. (But in the near future, they will be opening this up to outside loans as well!)

TWO: No 30-day lates on your mortgage in the past 12 months.

THREE: Your loan must be invested in by Fannie Mae or Freddie Mac. Here are two web sites where you can check: FANNIE MAE  http://loanlookup.fanniemae.com/loanlookup/  or

FREDDIE MAC https://ww3.freddiemac.com/corporate/

FOUR:  (Temporary rule.) You  are not paying PMI. In other words, your original loan-to-value was 80% or less. What if you ARE paying PMI? There is another refinancing program in the works for you, in the near future.

FIVE:  Your current loan-to-value must be 105% or less. How to see your current LTV?  I can run it through our special tool to find out. If you want to find out for yourself:

1.  Look up how much you still owe on principle. 

2. Then look up your home on Zillow to see an estimate for much it is worth.  (http://www.zillow.com/ )  (Keep in mind this is an estimate--not an appraisal or market value!
3. Then divide what you owe by Zillow's guess. Then multiply by 100.
Example: You owe $155K. Zillow says your home is worth $150K.   155/150= 1.03    1.03X100=103% LTV (Loan To Value.)

 

Just call me if I can help you contact the right folks at Countrywide to see if this program might work for you!

 

My new phrase: WWSD? What Would Suzie Do? That's Suzie Orman, the financial guru, who predicted our nation's current condition, almost two years before. She has her own show & she's on Oprah almost weekly lately! I use WWSD as a gentle reminder when I'm shopping or buying on the internet... as I and most American's have started questioning every purchase! We are more than the things we accumulate! Happy living!! Warmest, Darla ;-)