You Can NOW Refinance Your Home if You Owe 125% of Current Value

Are you underwater on your Colorado Springs home mortgage? Now you may have the opportunity to refinance into better rate and terms even if you owe more than your home is worth.

“WASHINGTON – U.S. Housing and Urban Development Secretary Shaun Donovan today announced an expansion of the Obama Administration’s Home Affordable Refinance Program to include participation by borrowers who are current but up to 125 percent underwater on their mortgage. Under authorization provided by the Federal Housing Finance Agency, borrowers whose mortgages are currently owned or guaranteed by Fannie Mae and Freddie Mac will now be allowed to refinance those loans according to the terms of the Home Affordable Refinance program established earlier this year.” – U.S. Department of Housing and Development, July 1, 2009

Read More: Home Affordable Refi Program Expanded

If this is a program that will help YOU, please contact a reputable local mortgage professional to get the ball rolling.

One great local lender team that we work with is the Pam Childs Team (Pam Childs or Trace Lee) with Bank of America. They can answer all your questions: 719.229.7302 or 719.785.7105

Read Also: 3 Tips on How to Refinance Your Colorado Springs Home to Avoid Foreclosure

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Posted By: Mariana Wagner - Colorado Springs Real Estate Agent - Wagner iTeam
The Wagner iTeam is a power team of Keller Williams Realty,
specializing in Colorado Springs Real Estate and Monument Real Estate
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Posted on July 2nd, 2009 by Mariana Wagner

This entry was posted on Thursday, July 2nd, 2009 at 2:18 pm and is filed under Colorado Springs Homes, Colorado Springs Real Estate, Foreclosure Information, Homeowner Tips, Mortgage and Finance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

  1. jf.sellsius.theclozing said at July 3rd, 2009 at 6:10 am

    This is great news for folks who think they have no options. Thanks for posting this, Mariana.

  2. Mariana Wagner said at July 3rd, 2009 at 7:22 am

    Thank you for the comment. I am glad to see more options for folks in these situations.

  3. Karen said at July 6th, 2009 at 1:07 pm

    This is a good step by HUD, and great news for Colorado Springs home owners who are upside down and need to refinance. The old limit of 105% was just unrealistic, given that most homeowners have lost 20% to 30% of their values in recent years. Thanks for posting.

  4. What are Mortgage Rates Like in Colorado? are They Different? | afcmortgagefl.com said at July 9th, 2009 at 7:43 am

    [...] You Can NOW Refinance Your Home if You Owe 125% of Current Value … [...]

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To begin your search for the perfect home or sell your home in the Colorado Springs area, call Derek and Mariana Wagner at (719) 434-7525.