How do I know if I am eligible?
You may be eligible if you:
•Are the owner occupant of a one to four unit home.
•The loan on your home is owned or controlled by Fannie Mae or Freddie Mac (Don't know? See below),
•You are current on your mortgage payments (current means that you haven't been more than 30-days late on your mortgage payment in the last 12 months
•You believe that the amount you owe on your first mortgage is about the same or slightly less than the current value of your house, and
•You have a stable income sufficient to support the new mortgage payments.
Can I get cash out to pay other debts?
No. Only transaction costs, such as the cost of an appraisal or title report may be included in the refinanced amount
How low can my interest rate go?
Treasury is providing incentives to your investor to write the interest down as low as 2%, if necessary to get to a payment that you can afford based on your income.
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