While exact details have not yet been announced, it seems that help for some Las Vegas homeowners may be on the way as early as November 15th. Homeowners that have a mortgage loan guaranteed by either Freddie Mac or Fannie Mae may be able to refinance soon, even though they are underwater.
The Las Vegas real estate market was one of the hardest hit when the real estate bubble burst. Yet many Las Vegas homeowners have honored their commitment to lenders by not walking away from their homes and keeping their loans current, even though all around them they saw their neighbors bailing out. Some of those homeowners are about to reap the reward for meeting their obligations if the new plan announced by the White House comes through in November.
Homeowners with Las Vegas mortgage loans that were purchased or guaranteed by Fannie Mae or Freddie Mac on or before May 31, 2009 and have a current loan to value (LTV) of over 80% are eligible. The loan MUST be current with no late payments in the last six months and no more than one late in the last 12 months. There will be no ceiling on the loan to value and possibly an appraisal will not even be needed.
The first step is to determine if your home loan qualifies. Go to either: www.fanniemae.com/loanlookup or www.freddiemac.com/corporate to see if your loan is listed by either Fannie Mae or Freddie Mac.
Even a small decrease in the rate should give homeowners a significant monthly payment reduction. A $200k mortgage loan refinanced from 6% to 4.5% would result in almost a $200 monthly saving. And it may be that under the new guidelines the costs to refinance the loan can be rolled into the mortgage amount so that there is no out of pocket expense.
If your loan is listed and you have been current on your mortgage payments, the next step would be to contact a lender that will be participating in the new refinance program. That way as soon as the exact details are released, you will be notified of the terms and rates. We do have a list of lenders that will be participating in the refinance program, so please feel free to contact us at firstname.lastname@example.org and put “Fannie Mae/Freddie Mac refinance program” in the subject line. We will then forward your contact information on to a participating lender so you can be first in line for the new program.
Then stay tuned for the rest of the details as they are released!
Team Leader, The Tonnesen Team
Berkshire Hathaway HomeServices, Nevada
3185 St Rose Pkwy #100 Henderson, NV 89052
With over 30 years of experience helping families call Las Vegas "home!"