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Refinance Facts and The Presidents "New Plan"...
I trust you will find this article useful regarding the Federal Plan to help some subprime borrowers announced yesterday by President Bush.  This will help you answer the questions that will come your way.  It's a great opportunity to attract some Refi business in December and January.
A few Refi facts that borrowers may not know:
FHA cash out refi to 95%
Rate & Term Refi's with Flex 100 or My Community/Home Possible to 100% LTV
Expanded Approval Rate & Term Refi's to high LTV's
Our Lender Paid MI can be a great option for some.
Who Qualifies for Help,And What Qualifies as Subprime?
The mortgage plan outlined by the Bush administration should help some borrowers with subprime adjustable-rate mortgages. But other borrowers who are having trouble making their payments won't qualify for the "fast-track" interest-rate freeze outlined yesterday. Here's a look at the agreement:
Which mortgages does the plan cover?
The agreement covers only a subset of borrowers. These are borrowers who took out subprime ARMs that were originated between Jan. 1, 2005, and July 31, 2007, and whose interest rates will reset for the first time between Jan. 1, 2008, and July 31, 2010. It applies only to loans that have been packaged into securities and not ... more

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