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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!
Add comment March 16, 2009
