Will Fannie Mae and Freddie Mac waive appraisal requirement on refi's?
Now this would be huge, Dawn Kopecki brings us valuable information for refiers!
Fannie, Freddie May Waive Appraisals for Refinancings
By Dawn Kopecki
Dec. 10 (Bloomberg) -- Fannie Mae and Freddie Mac, the mortgage-finance companies seized by the U.S. government, are considering waiving a requirement for new appraisals on refinanced loans, their regulator said.
“If they refinance someone, rather than doing a loan mod, do they need a new appraisal if they already have the credit?” Federal Housing Finance Agency Director James Lockhart told reporters after a speech in Washington today. “That’s an issue that’s being discussed. They’re looking at it.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aRUu8VhISqEo&refer=home
I think this makes more sense than anything I have seen regarding how to address the current housing market.
There are many people out there right now that are unable to get a loan modification. However, they want to stay in their homes regardless of whether they are upside down or not!!!
Many people have to simply walk away from their homes because they cannot afford the adjusted ARM rates.... and cannot refinance since they are upside down on the loan. Some of these people will gladly refinance into a low fixed rate if they were allowed to do so.... But cannot.
Does this solve all of our problems? NO!! Many still want their free slice of the bailout pie....
But the upstanding citizens who were caught up in this mess will now have an outlet and not exacerbate the problem caused by those who really caused this mess.
What say you?
Is this a good deal for America and Americans?
Tom Burris
DallasLoanGuy.com
Dallas, TX"Your Dallas Mortgage Consultant"
http://www.dallasloanguy.com/
Texas Home Loans Dallas Mortgage LoansI write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!! Subscribe to My Blog and stay informed about current lending changes!!
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