Eligible Freddie Mac & Fannie Mae Customers Can Now Refinance their Home Loans

October 26, 2011

by Hawaii RealEstateRama

Congresswoman Hirono Calls New Initiative “Step in the Right Direction”

Washington, DC – October 26, 2011 – (RealEstateRama) — Eligible homeowners who owe more on their Freddie Mac or Fannie Mae mortgage than what their home is currently worth can refinance at today’s low rates with reduced fees as a result of changes to the Home Affordable Refinance Program announced today by the Obama Administration.

“One of the best ways to get the economy moving again is to fix our housing crisis, and help give people confidence in their personal finances,” said Congresswoman Mazie Hirono (D-HI). “Refinancing at today’s low interest rates with reduced fees will help put more money in homeowners’ pockets and hopefully keep them in their homes. While I believe we need to do more to fix the housing crisis, this is a step in the right direction.”

To be eligible for this program, homeowners must have a mortgage owned by Freddie Mac or Fannie Mae. They also must not have been late in making a mortgage payment in the last six months and not more than once in the last year. There is no limit on the amount the value of the house has declined. Additional information on eligibility, and to find out whether your mortgage is owned by Freddie Mac or Fannie Mae, please visit: http://www.fhfa.gov/webfiles/22721/HARP%20release%20102411%20Final.pdf

Congresswoman Hirono has been a cosponsor of H.R. 363, the Home Opportunity and Mortgage Equity (HOME) Act, which would require Freddie Mac and Fannie Mae to start a similar refinancing initiative for one year. She has also been working to help Hawaii residents facing foreclosure to find resources through her “You’re Not Alone” foreclosure and fraud prevention workshops.

Contact:
Marvin Buenconsejo (808) 541-1986