Obama's $75B FanFred Refi Program
The detail will be out March 4 for the eligibility. Not every people will
qualify(only 4 to 5 Million as announced), only those who may delinquent
on their loan soon can qualify.
The following scenarios do not qualify.
1)If your Debt to Income ratio less than 31%.
2)If your Property Loan to Value ratio less than 80%.
3)If your loan amount over 417k.
Even though you can qualify, you can not get it from refinance from a broker(we are not part of the game) or bank. It\'s not a refinance program.
It is actually a loan modification. The current lender or mortgage servicer or investor will be involved. The involved parties will be paid by the Fed for each loan modification.
More details will be out in the next a few days.