To help borrowers who have seen significant home price declines refinance their existing loans, the Obama Administration announced the availability of loan-to-value (LTV) ratios up to 125 percent for Home Affordable Refinance mortgages, including Freddie Mac's Relief Refinance Mortgage. The previous maximum LTV ratio for Relief Refinance Mortgages had been 105 percent.
As a result of this change, qualified borrowers will be able to obtain Relief Refinance Mortgages with loan amounts up to 125 percent of the current value of their property. The higher LTV ratio is expected to give homeowners - especially those in markets that have experienced sharp declines in home values - more options to refinance into mortgages with terms that better position them for long-term homeownership.
To encourage borrowers with 30-year fixed rate mortgages to consider a shorter 25-year term, Freddie Mac is providing a special price incentive to lenders. The incentive only applies to Relief Refinance Mortgages with LTV ratios between 105 percent and 125 percent. The 25-year term will result in borrowers paying less interest over the life of their loan and improving their overall equity position over time.
Freddie Mac's Relief Refinance Mortgage is available to borrowers who are current on mortgages that are owned or guaranteed by Freddie Mac. Borrowers should visit https://www.freddiemac.com/corporate/ and complete the online form to determine if Freddie Mac owns their mortgage.
Read more on the RealEstateChannel.com.
If you are an Ormond Beach homeowner struggling to make your mortgage payments, contact me to discuss your options. I am a CDPE (Certified Distressed Property Expert) and can help you avoid foreclosure.
Sherry Armstrong, Realtor
386-679-3191
yourkeytothebeach@gmail.com
www.ormondbeachflhome.com
www.sherryarmstrong.com
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