We are getting calls, emails, etc. about the Obama Administration’s rescue plan and whether or not you qualify. We thought it might be helpful to give our readers and visitors some perspective about impact of programs on Las Vegas Real Estate.

Las Vegas Real Estate – Freddie Mac & Fannie Mae Call the Shots

Freddie Mac and Freddie Mae are responsible for managing all aspects of the refinance transactions for Las Vegas Real Estate authorized by the Home Affordable Refinance Program.

There is a program guide for Las Vegas Real Estate that can be accessed via both of their web sites (linked below) but we will underscores some important points below.

Most lenders and banks are not sure on how to integrate the new legislation with their programs and business practices. Even though the legislation has passed, all of them are not required to participate, as your loan must be refinance with existing holder of the mortgage.

If Fannie and Freddie are the owners of your loan then it must be submitted to them and then processed (underwritten) based on their guidelines.

Click Here to Access Fannie Mae Web Site Application to Ascertain if they own your Loan

Click Here to Access Freddie Mac Web Site Application to Ascertain if they own your Loan

Fannie Mae Qualification Points for Las Vegas Real Estate

• You must be receiving either a lower mortgage payment or moving to a more stable type of product like an Adjustable Rate Mortgage to a Fixed-Rate as an example
• The maximum loan amount can only be 105% of your homes value. There is no limitation if you have 2 mortgages but 2nd lien holders will need to resubordinate and this can be very challenging to accomplish.
• If mortgage insurance (PMI) does not exist on the loan today, it will not be required on the new loan. If PMI does exist on the loan, the loan will be required to be reinsured and requalified through the existing PMI company.
• The availability for appraisal waivers will exist in some limited manner that is not clear yet.

Details Still Forthcoming

Applications can be made immediately but an answer back from Freddie or Fannie may not occur until some time in early April or May; but, depending on your loan and related issues you may or may not qualify for this program.  Freddie’s qualifications are similar but not as well defined as Fannie’s.

Applications can be taken now but loan findings may not be available until early April or May but again, each lender may or may not be participating. We are still in preliminary stages of this process, so the situation is still a bit murky.

We are here to help clients, consumers, homeowners when/where we can at any point in time! So, please call 877.360.2030 or email info@LasVegasRelocation.com if you have questions about your Las Vegas Real Estate.

Filed under: Las Vegas Market