Home Affordable Refinance Program
We will now be accepting applications for the Making Home Affordable Refinance Program which will be active April 7, 2009. Please get your application in early for fastest service. Use the contact us form below or go directly to C & C Financial Services, Inc’s mortgage lending website http://c-mortgage.com.
I just looked at the guidelines and the two important qualifications are that the loan amount not go over 105% of the appraised value and that the borrower has not been 30 days late in the last 12 months. Credit scores and debt ratio or load are not important. This program looks very promising for lot of homeowners who may not qualify for the Making Home Affordable Loan Modification Program.
Here are the guidelines we have so far:
The Home Affordable Refinance Program will be available for Origination’s through C & C Financial Services, Inc / Lower Mortgage Payment’s dot Org under the
DU Refi Plus and the Freddie Mac Relief Refinance Mortgage Programs
We will provide you with updates regarding their availability and the qualification parameters as we know them.
(not yet available, but will be coming soon)
What can you do now to help your borrowers prepare?
- Advise borrowers to click on this link and answer the eligibility questions
- Loan being refinanced must be currently owned or securitized by FNMA or FHLMC. Here is how to determine:
Fannie Mae
1-800-7FANNIE (8am to 8pm EST)
Freddie Mac
1-800-FREDDIE (8am to 8pm EST)
- If owned or securitized by FNMA or FHLMC, have your borrowers gather the documents that will be needed:
Checklist for borrowers
- Information about your mortgage, such as your monthly mortgage statement and
- Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources.
- Your most recent income tax return.
- Information about any second mortgage or home equity line of credit on the house.
- Account balances and minimum monthly payments due on all of your credit cards.
- Account balances and monthly payments on all your other debts such as student loans and car loans.
- Don’t order an appraisal yet. Wait for additional information from us regarding program requirements
We are very excited to be bringing these programs to you and your customers!!!
THANK YOU for making us your Broker of choice.
If DO NOT qualify for the home affordable refinance program and you can make reduced mortgage payments you will qualify for the Home Affordable Modification Program. Please contact us either way we may be able to offer your our services for free if you qualify.