I Never Thought I’d be Saying This...

I never thought I’d be saying this today (meaning, in early March of 2009), but things just keep getting better! In particular, now is an even better time to refinance or buy a house than even as recently as last week—and this is true no matter what kind of loan you have! Here’s why:

• Interest rates are near a 45-year low,
• The Housing Affordability Index is near an all-time high,
• Eligible first-time home buyers can receive a tax credit in an amount up to $8,000,
• Loan limits have just been increased, and, most recently,
• The brand-new Making Home Affordable (MHA) plan came into existence just last week!

As you’ll note, the newest item shown above is the MHA. Under its Home Affordable Refinance provisions, borrowers meeting certain additional criteria can now refinance, if:

• Their loan is owned or securitized by Fannie Mae or Freddie Mac,
• They occupy the house at issue,
• Their payment history is solid,
• Their first mortgage does not exceed 105% of the current market value of the property, and
• They have sufficient income to support the new mortgage debt.

Stunning! As I’ve said before, whether you agree with the concepts underlying the “Stimulus” process, or not, this kind of thing is an outright gift to present and future homeowners. At least from the individual’s perspective, no one should pass them up if they’re in the market to buy a home, refinance or avoid foreclosure.

But remember, these stimulus initiatives will involve complex rules only the top echelon of the mortgage industry will be capable of understanding. Therefore, be sure you let the professionals at CSW Home Loan assist in going about things the right way.

If you’d like to learn more, just call or email us, and, if refinancing is the subject you’re interested in, simply have a recent mortgage statement handy so we can gather the information needed to assist and determine your eligibility. Hope this helps!

EchoPoint Mortgage Company / CSW Home Loan
Phone: 214.559.0277
Email: info@cswhomeloan.com
Website: www.cswhomeloan.com
Blog: http://echopointmortgage.blogspot.com/ Fannie Mae Refi Plus™ Desktop Underwriter® (DU®) Home Affordable Modification Program