Hello Friends, Iguess we all know by now that interest rates are at record lows. They continued to stay at record low levels from midJune to early September. Okay, enough of that for now. Let’s get into stimulus plans.
The government still can’t seem to find a way to get this anemic economy to turn around. A positive outcome of this is that the government continues to try and find ways to provide refinancing options for borrowers who are upside down. FHA recently announced a new refinance program for borrowers who are NOT currently with FHA and who have as little as negative 15% equity, a.k.a. 115% LTV (LoanTo-Value). At the time I write this update, the only way to get this product is to contact the existing lender/servicer and see if they are offering this program. The web address for the press release is: http://portal.hud.gov/portal/ page/portal/HUD/press/press_ releases_media_advisories/2010/ HUDNo.10-173.