Diamond Mortgage Blog

Making Home Affordable was what I've been waiting for since Obama made his big speech on March 4th about helping homeowners refi to the lower rates, which have been hovering around 4.875%. Ive been telling clients that we have to wait till April 1st for the guildelines and now they are out. I have 2 loans on my desk with 740+ credit score that want to refi. Well let me tell you they can't refi just try to modify.

1st you have to check to see if their current loan is a Fannie or Freddy loan. If not, they are out of luck. Both loans were done through Countrywide which were not Fannie or Freddy loans. They were just package up and sold to some investor in iceland.

Now, no lender will not do a loan if it does not if its not approved ny Fannie or Freddy.

www.makinghomeaffordable.gov