President Obama – “Send me that Bill”
President Obama mentioned in last night State of Union a major expansion of the HARP 2.1 refinancing program. In his speech President Obama would make it possible for underwater borrowers whose loans are not held by Fannie Mae or Freddie Mac to refinance at today’s low rates.
HARP (Home Affordable Refinance Program) has helped about 1.8 million homeowners refinance since April 2009. HUD is reporting that almost
81,600 borrowers used the HARP program to refinance January 2013 alone. Almost 11 million homeowners have been unable to refinance under HARP guidelines.
From President O'bama's State of the Union address this evening.
"But even with mortgage rates near a 50-year low, too many families with solid credit who want to buy a home are being rejected. Too many families who have never missed a payment and want to refinance are being told no. That's holding our entire economy back, and we need to fix it. Right now, there's a bill in this Congress that would give every responsible homeowner in America the chance to save $3,000 a year by refinancing at today's rates. Democrats and Republicans have supported it before. What are we waiting for? Take a vote, and send me that bill."
President Obama is weighing whether to use his executive powers to expand the program to include non-agency loans in the successful refinancing program. Congress refused to approve such an expansion of the program last year.
To find out if your house is Fannie Mae or Freddie Mac eligible you can click on this link: http://www.wmcharp.com
Please contact Myke or Scott for any mortgage related questions,
Myke LaVenture (NMLS #282849) and Scott Lundgren (NMLS #284308) are active loan officers with Waterstone Mortgage located in Woodbury.
Email Myke at mlaventure@waterstonemortgage.com, call at 651.338.4377
or Scott Lundgren slundgren@waterstonemortgage.com , call at
651.502.7722 or visit our website of www.mykeandscott.com
