Home Affordable Refinance Program to allow for more refinancing

President Obama is arriving in Las Vegas today to announce new plans to revive the flagging housing market and make it easier for Americans who are underwater in their homes to refinance their mortgages. The Federal Housing Finance Agency which oversees and regulates Fannie Mae and Freddie Mac has reported that the program will lower fees, eliminate the current 125% loan-to-value cap, waive lender warranties, and eliminate the need for property appraisals. Qualifying borrowers must be current with their mortgage payments and have loans backed by Fannie Mae and Freddie Mac. Loans must have been originated before May 31, 2009. There are millions of Americans who may qualify for the new refinance program. More details from the Federal Hosuing Finance Agency will be announced on November 15th.

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