Is Fannie Mae going to introduce a re-financing option that gives those "upside down" borrowers 120% financing?  A Fannie executive said that Fannie will start purchasing loans refinanced for up to 120% of the CURRENT value of the property.  This could save/help 100's of 1000's of people stay above water and assist them with their current negative equity.  Fannie will not use balloon loans to satisfy this 120%.  As of now, they are "mum" as their method of re-fi. Apparently this option is not available for AltA borrowers, however in the future there will be a program for AltA as well.  Stay tuned...

Joan Wexelbaum  Ridgefield, CT  Mortgage Broker...

 
Posted by Joan Wexelbaum on 06/10/2008 01:04 PM   Comments (2)  
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2 Comments on 120% Financing - is it true???

JUN
10
2008
150,985 Points 6 Featured Posts Outside Blog

Joan,

Thanks for bringing this up. Ideas like this have been in some news sources. I have not really looked at them thoroughly. It is surely a program to help those already upside down, get more stable financing terms.

Thanks,

Richard
11:25pm • #1
JUN
20
2008

First hand thanks for commenting in my blog. Also I would like to know about this 120% financing if there is any.

Take care
10:45pm • #2

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Joan Wexelbaum

Ridgefield, CT

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Luxury Mortgage

Address: One Landmark Square, Stamford, CT, 06890

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