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It's Deja Vu all over again
New Credit Rules for Refinancing from Fannie MaeTime to take advantage of low rates again. Fannie Mae, the mortgage-finance company under U.S government control, will loosen rules for homeowners who see to reduce their loan payment by refinancing. PRLog (Press Release) -- Feb 05, 2009 -- Time to take advantage of low rates again. Fannie Mae, the mortgage-finance company under U.S government control, will loosen rules for homeowners who see to reduce their loan payment by refinancing. Some credit requirements will be dropped, reduction in income documents and in some cases waive the need for appraisal. Fannies Mae wants to allow all customers to refinance their loans and take advantage of low rates if they could not do it before. Freddie Mac, a smaller rival of Fannie Mae is considering similar steps, even when borrower owes more then their home is worth. Fannie Mae will also allow borrowers seeking to take out a loan that is more than 80 percent of the home value to qualify for refinancing, with credit scores below its 580 requirement. The average U.S mortgage rate for 30 year fixed rose this week as volatility is expected to continue. 30 year fixed increased to 5.25% percent from 5.10 percent last week. The 15 year fixed rate jumped to 4.92 percent from 4.8 percent. Even with a small percentage point, saving over a year are significant. Bush ain't around to blame this time, Barney... Posted by: tu3031 2009-02-06 |
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