04-03-2009, 07:12 PM
ok, probably not RYF worthy, but I just got off the phone with Countrywide. We're probably going to do the refi program. The guy said they get rates next tuesday and are collecting potential applicants right now. Some details:
needs to be freddie or fannie backed loan (see http://www.makinghomeaffordable.gov/)
loans up to 105% LTV
no PMI
NO appraisal fee
if you're current on payments, no income verification (that's what the guy said...i didn't think that was right)
Can be re-cast in the future (FHA loans cannot)
rates are approx 0.25% over market rate
my wife and I are actually in decent shape with this loan, but we were going to get forced into an FHA refi w/ PMI and no ability to recast. This will help us out.
We are very thankful that our jobs are generally safe....very grateful...
kiva
needs to be freddie or fannie backed loan (see http://www.makinghomeaffordable.gov/)
loans up to 105% LTV
no PMI
NO appraisal fee
if you're current on payments, no income verification (that's what the guy said...i didn't think that was right)
Can be re-cast in the future (FHA loans cannot)
rates are approx 0.25% over market rate
my wife and I are actually in decent shape with this loan, but we were going to get forced into an FHA refi w/ PMI and no ability to recast. This will help us out.
We are very thankful that our jobs are generally safe....very grateful...
kiva