Monday, November 4, 2013 - Article by: Prospect Financial Group, Inc. -
Fannie Mae and Freddie Mac announced on 10/22/13 that they are revising the requirement related to the mortgage eligibility date of the existing mortgage loan. Currently, to be eligible for DU RefiPlus or Refi Plus, the original loan had to have been acquired by Fannie or Freddie on or before May 31, 2009.
The May 31, 2009 eligibility date will now be based on the note date of the original loan. Using the note date is more transparent to borrowers because borrowers know when they closed on their prior mortgage loan (typically not when their loan was sold to Fannie or Freddie).
With this new cutoff date, many homeowners who thought they might not be eligible to refinance under the program may now find themselves eligible. If you are an underwater homeowner in California, give Prospect Financial Group, Inc. a call today at 858-605-0952 to find out if you are eligible to lower your mortgage payment under the Home Affordable Refinance Program (HARP).
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