The govt ISN’T going to “allow” EVERYONE to do a 4.50% loan.
Banks don’t own loans.
Banks won’t be reducing the balance of loans.
There is no profit to a bank to borrow short and lend long. They may have a servicing division, which may as well be called COCA COLA.
A modification adjusts the payment, it DOESN’T adjust the loan balance, value of the house, the last sale price or the tax assessed value.
Many liars did get purchase loans for investment properties a few years ago, it is unlikely to happen today. They often did it with the help of a dishonest mortgage “professional”
You have no idea what an underwriter looks for today when it comes to loan fraud, and the third party proof they get to verify owner occupied.
As of today, there is no govt plan in place to offer 4.50% loans to anybody on this planet, purchasers or refinancing.
If there is a plan ever in place, wait until you see the cost/fees.
Everybody got excited about the FHA Hope for Homeowners before the details were announced.
Pure foolishness…
It came with ridiculous fees. It was voluntary. It’s been a complete disaster.
Rumors of these govt plans do nothing more than get the masses hopeful to drag out the eventual outcome, and keeps many from walking away sooner rather than later.
