| Posted By |
Message |
Mommy2Boys
My Boys!!!!
Member since 6/06 14437 total posts
Name:
C
|
Gov't refinance program
Does anyone have any information or know who qualifies?
|
Posted 3/31/09 5:27 PM  |
| |
|
Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
donegal419
St. Gerard, pray for us.
Member since 7/07 7650 total posts
Name:
K
|
Re: Gov't refinance program
i would love to know this too...
but sadly, i feel like most of us that have been on-time with our payments and bought a house within our means (even if it means not having tons left over) won't qualify for this. i am hoping we will though!!!!
|
| Posted 3/31/09 5:41 PM |
| |
|
Mommy2Boys
My Boys!!!!
Member since 6/06 14437 total posts
Name:
C
|
Re: Gov't refinance program
Posted by donegal419
i would love to know this too...
but sadly, i feel like most of us that have been on-time with our payments and bought a house within our means (even if it means not having tons left over) won't qualify for this. i am hoping we will though!!!!
That's what I thought too. I called Countrywide, who my loan is with, b/c I read in the paper there are 2 sides. They are offering a re-fi program as well to "good" homeowners who are not late with payment and do not miss payments and if their mortgage is above a cetain % of your take home pay (which most of us on LI probably are). Anyway, Countrywide called me today and told me I fit their parameters but I'm not sure why. I have never been late or missed a payment, I am not at risk for foreclosure and we can make our payment fine. But of course if I can re-fi at a lower rate I'll take it. Just wandering if there is a "catch" to it.
I am speaking with someone about re-financing now but I might wait a week for them to call me back and see what htey can offer me.
Message edited 3/31/2009 5:45:51 PM.
|
| Posted 3/31/09 5:44 PM |
| |
|
LAMGAJ28
.
Member since 10/05 6039 total posts
Name:
|
Re: Gov't refinance program
Posted by jellybean1420
Posted by donegal419
i would love to know this too...
but sadly, i feel like most of us that have been on-time with our payments and bought a house within our means (even if it means not having tons left over) won't qualify for this. i am hoping we will though!!!!
That's what I thought too. I called Countrywide, who my loan is with, b/c I read in the paper there are 2 sides. They are offering a re-fi program as well to "good" homeowners who are not late with payment and do not miss payments and if their mortgage is above a cetain % of your take home pay (which most of us on LI probably are). Anyway, Countrywide called me today and told me I fit their parameters but I'm not sure why. I have never been late or missed a payment, I am not at risk for foreclosure and we can make our payment fine. But of course if I can re-fi at a lower rate I'll take it. Just wandering if there is a "catch" to it.
I am speaking with someone about re-financing now but I might wait a week for them to call me back and see what htey can offer me.
One part is to help that are in foreclosure, late with their payments, or struggling to pay due to a personal situation that happened that caused or will cause hardship. The other part is for those that are current in their payments but unable to refinance and take advantage of the new mortgage rates because of the housing prices that have lost value due to the market conditions.
|
| Posted 3/31/09 8:57 PM |
| |
|
sleepie76
enjoying every minute
Member since 12/07 3881 total posts
Name:
|
Re: Gov't refinance program
They are offering refinancing & modification thru Obama's new stimulus plan.
You can check your mortgage bank's website, that is where I got my information.
Here is the government link with more info on the plans and who qualifies. http://www.makinghomeaffordable.gov/
My mortgage broker told me to apply for it, even though it doesn't look like I met qualifications for either program.
But still hoping they will offer me a refinance. 
|
| Posted 4/1/09 8:59 AM |
| |
|
belladi
LIF Adult
Member since 9/06 1011 total posts
Name:
diana
|
Re: Gov't refinance program
I was accepted for this I make my payments on time but things are tight and its based on debt to mortgage ration.. It TAKES 5 MONTHS TO GET AN ANSWER... Another govt botch job.. Supposedly they will modify your loan for about 5 years then they kick the interest rate back to what you originally had and they add a percent to it... SO ITS A JOKE
So Im just going to refi w chase
|
| Posted 4/1/09 9:05 AM |
| |
|
TheDivineMrsM
2 girls 4 me!
Member since 8/08 7878 total posts
Name:
Mama mama mama....
|
Re: Gov't refinance program
Posted by sleepie76
Here is the government link with more info on the plans and who qualifies. http://www.makinghomeaffordable.gov/
My mortgage broker told me to apply for it, even though it doesn't look like I met qualifications for either program.
But still hoping they will offer me a refinance.
We don't qualify... silly us for buying a house we could afford and actually paying for it on time
|
| Posted 4/1/09 9:52 AM |
| |
|
ckone
LIF Adult
Member since 8/06 3014 total posts
Name:
|
Re: Gov't refinance program
Posted by jellybean1420
Posted by donegal419
i would love to know this too...
but sadly, i feel like most of us that have been on-time with our payments and bought a house within our means (even if it means not having tons left over) won't qualify for this. i am hoping we will though!!!!
That's what I thought too. I called Countrywide, who my loan is with, b/c I read in the paper there are 2 sides. They are offering a re-fi program as well to "good" homeowners who are not late with payment and do not miss payments and if their mortgage is above a cetain % of your take home pay (which most of us on LI probably are). Anyway, Countrywide called me today and told me I fit their parameters but I'm not sure why. I have never been late or missed a payment, I am not at risk for foreclosure and we can make our payment fine. But of course if I can re-fi at a lower rate I'll take it. Just wandering if there is a "catch" to it.
I am speaking with someone about re-financing now but I might wait a week for them to call me back and see what htey can offer me.
I don't like Countrywide - I am others have had some bad experiences. I was supoosed to refi with them years ago. they wanted 22K in closing costs. I would call around for better rates and for a second opinion.
|
| Posted 4/1/09 1:35 PM |
| |
|
Ang-Rich
Beyond Compare
Member since 5/05 17988 total posts
Name:
|
Re: Gov't refinance program
My husband has been trying to refinance - our rate was over 6.5% and we just locked in for 4.78% 
We pay on time without any problem - the company we currently have our mortgage with gave us the run around but DH was able to make use of a work connection and got a great rate - better than our broker could do. Not sure if we qualified for anything - but up until now it has been difficult to refinance - we jumped on this.
Saves us so much money
Message edited 4/1/2009 8:45:01 PM.
|
| Posted 4/1/09 8:43 PM |
| |
|
Mommy2Boys
My Boys!!!!
Member since 6/06 14437 total posts
Name:
C
|
Re: Gov't refinance program
Posted by belladi
I was accepted for this I make my payments on time but things are tight and its based on debt to mortgage ration.. It TAKES 5 MONTHS TO GET AN ANSWER... Another govt botch job.. Supposedly they will modify your loan for about 5 years then they kick the interest rate back to what you originally had and they add a percent to it... SO ITS A JOKE
So Im just going to refi w chase
See that's what I was wondering...if there was a "catch" to it. I am not sure why they called us...if it was b/c of our interest rate, maybe the foreclosure rate in our area (but we live in Merrick, I can't imagine it's that high) or what. I will probably just re-fi with another company on my own.
|
| Posted 4/1/09 8:49 PM |
| |
|
belladi
LIF Adult
Member since 9/06 1011 total posts
Name:
diana
|
Re: Gov't refinance program
Posted by jellybean1420
Posted by belladi
I was accepted for this I make my payments on time but things are tight and its based on debt to mortgage ration.. It TAKES 5 MONTHS TO GET AN ANSWER... Another govt botch job.. Supposedly they will modify your loan for about 5 years then they kick the interest rate back to what you originally had and they add a percent to it... SO ITS A JOKE
So Im just going to refi w chase
See that's what I was wondering...if there was a "catch" to it. I am not sure why they called us...if it was b/c of our interest rate, maybe the foreclosure rate in our area (but we live in Merrick, I can't imagine it's that high) or what. I will probably just re-fi with another company on my own.
Im refininancing with chase now, but I still have the loan modification.. Im taking a gamle but if my hunch is right.. The left hand wont know what the right hand is doing so I didnt pull my loan modification back... Ill see what happens when they call....
The bank broker is the one that told me its a mess. He said no one anticipated the amount of volume that came in (another unthought out bill) and that 5 months is the average.. So I will see what happens
|
| Posted 4/2/09 8:35 AM |
| |
|
|
|
Re: Gov't refinance program
Message edited 4/2/2009 11:34:57 PM.
|
| Posted 4/2/09 8:47 AM |
| |
|
