Fannie and Freddie Rules for Refinances

This is a great article by Kenneth R. Harney with the Washington Post.  It covers the overall rules to refinance a Freddie or Fannie loan. A couple of key highlights. These refi’s are not exclusive to primary residences. Second homes and “small” rental properties are eligible in some cases.

These loans are designed to help the 4 million to 5 million home owners with Fannie or Freddie Mortgages. They will help them  to lower rates even though they would normally not qualify because of a decrease in the property value.

Funding of these loans is scheduled for early April.  There a some key exceptions to the traditional requirements as well. For example: Credit Scores, & Second Mortgages. Check it out, it’s a good one!