Refinancing a rental property to 105% with a low credit score is not cheap.. huge pricing hits.
As always, the pricing gets a bit complicated.
Matrix table based on score & LTV…
This is a desperate attempt to keep people from walking away, but VERY unfair to anyone currently with mortg insurance..
People need a place to live. If this makes payments cheaper than rent, people wont care what they owe. They will have a (mostly) tax deductible rent payment.
Considering the net cost to the taxpayer, this may be the most intelligent program of any so far.
It should be successful, and the next program may be up to 125% (or more)
