Obama Refinance Plan Other requirements include: Restricting loans to borrowers refinancing their primary residence Having a loan that fits with FHA loan limits for the county. FHA maximum loan limits range from $2. The HARP mortgage program is restricted to loans backed by Fannie or Freddie, so the new Obama refinance program will reach millions of borrowers who have been shut out of the market. The goal is to make it easier and cheaper for borrowers and lenders to refinance. Key provisions include: No appraisal required No tax returns required Only verification of employment for employed borrowers Build Equity and Have Your Closing Costs Paid For To encourage borrowers to use the savings that refinancing will bring to build equity, the new Obama refinance plan will pay your closing costs on the loan, resulting in zero closing costs, if you refinance into a loan with a term no longer than 2. President Obama estimates that this provision will save an average of “about $3,0. Financial Institutions Pay the Costs President Obama estimates that the costs of the Obama refinancing plan will range between $5 billion and $1. The costs will be covered from the newly proposed Financial Crisis Responsibility Fee that is charged to the largest financial institutions in the country, without increasing the Federal deficit by even “a dime.” Sticking Points The Obama refinance plan can’t be imposed by presidential order. The Obama administration is revamping a program that’s designed to let more homeowners refinance their mortgages even if they don’t have any equity. Here’s a look at some frequently asked questions.To become law, Congress must pass the President’s proposals. President Obama aims to build grass- roots support for his proposals and put pressure on Congress to offer relief to homeowners. President Obama’s New Refinance Program. 2011 and most lenders will be able to. Virginia or Kentucky please do not hesitate to call Poli Mortgage and let us help you through details of this new HARP Refinance Program. Obama new underwater refinance program. Will This HARP Carry A Tune? Obama Revamps Underwater Refinance Program. Obama considering massive refinance program-report. President Obama is reconsidering a plan to allow millions of homeowners with government-backed mortgages the ability to. Two big questions loom over the Obama administration's latest bid to help troubled homeowners. Obama's new mortgage refinance plan: Questions and answers. The Home Affordable Refinance Program. Do you qualify for Obama's new HARP refi program? Do you qualify for Obama's new HARP refi program? President Obama today announced a new proposal to alleviate the pressure on. The plan falls under the Home Affordable Refinance Program. In its Economic and Housing Forecasts for October 2011. The FHFA said the operational details for the program will be available by November 15th 2011. That probably means that the new program won’t. Obama hinted at a new mortgage. Given the divisions that exist in Washington, the Obama refinance plan faces plenty of opposition from Congress. The plan will also likely face opposition from lenders and the financial institutions being asked to pay for it.
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