Great News for Minnesota Homeowners - Government Adds to Making Home Affordable Program! - By Ahmed Elbatrawy

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Hello Minnesota!

I hope everyone had a safe and enjoyable 4th of July!  One of the things that I love the most about America is the freedom we all have to be homeowners.  But what if your home in Minnesota suddenly doesn't seem as affordable as it was two years ago?  Is your monthly payment becoming too much to handle?

There's great news coming from the government that might enable you to lower your monthly payment and take some stress off paying for your Minnesota home!  The government has just expanded the criteria for its "Making Home Affordable" program.

You may now be eligible to refinance your Minnesota home and take advantage of historically low interest rates.  While all of the previous criteria of the program is still in place, the government has acknowledged all of the homeowners who are still making their monthly mortgage payments, but are up to 125% underwater on their mortgage (based on current home values).  U.s. Housing and Urban Development Secretary Shaun Donovan  announced late last week that:

"Under authorization provided by the Federal Housing Agency , borrowers whose mortgages are currently owned or guaranteed by Fannie Mae and Freddie Mac will now be allowed to refinance those loans according to the terms of the Home Affordable Refinance program established earlier this year."

This means that you may be able to substantially lower the monthly payment on your Minnesota home.  Imagine having an extra $100 or $200 per month to fill in your budget gaps!  To see if you are eligible to take advantage of this addition, contact your mortgage lender.  If you have trouble contacting them, please feel free to contact my office and we will be glad to assist you in reaching your mortgage lender here in Minnesota.  Remember, there are numerous programs available to help the many struggling Minnesota Home Owners who are dealing with their home's loss in value. 

For additional information or to find out more information, please feel free to contact me at the below information.

Wishing all of my fellow Minnesota residents a great week!

Ahmed Elbatrawy, REALTOR
Re/Max Associates Plus
7300 France Avenue
Minneapolis, MN 55435
Office (952) 915-2220

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