Refinance fanny freddie program

Mortgage Translations. Duty to Serve Program. Enterprise Housing Goals. Fraud Prevention. Housing Finance Examiner Commission Program. Loss Mitigation. National Mortgage Database Program. Meet the Experts. Through the new program, homeowners can get a lower interest rate which means less out-of-pocket costs each month , get a shorter loan term, or change from an adjustable to a fixed-rate mortgage.

Next: Verify your eligibility. Verify your Enhanced Relief Refinance eligibility. Next: How can this program help me? If you are current on your mortgage; have a mortgage that is owned by Fannie Mae or Freddie Mac, and owe as much or more than your home is currently worth, you may be eligible for new refinancing programs. Borrowers must benefit from the refinance in at least one of the following ways:.

By refnancing to a mortgage with a lower interest rate, you could pay less each month and over the life of the loan. A lender will work with you through every step, and will help determine if programs meet your specific needs.

Outlined below are the steps to get started. Verify if you are eligible for Enhanced Relief Refinance program using Verification tool online. Make sure you have your basic financial and loan information on hand when you call your mortgage company. Find a list of lenders who work with Enhanced Relief Refinance Program at one of these pages. Tell them you are interested in refinancing, and you want to see if you qualify for.

If your lender determines that you do qualify, they will guide you through the application, approval and closing process. However, when the programs were announced, neither Fannie nor Freddie revealed when the programs would actually be available. And it turns out, the programs are not starting on the same day. With both programs, homeowners would see their mortgage rate reduced by at least 0. The program is only available to borrowers whose mortgages are owned by either Fannie Mae or Freddie Mac, but borrowers who have a Freddie Mac mortgage may be eligible for an added benefit.

For borrowers with a Fannie Mae mortgage, the program begins on June 5, while borrowers with a Freddie Mac mortgage will have to wait until August May 10, Ben Lane. This much is … Read ».