[Huckleberry]

Yea, sounds great but read the fine print on the “About Fannie Mae Homes”:

http://www.fanniemae.com/homepath/homebuyers/buying_fanniemaeowned.jhtml

This program is only for purchasing already foreclosed homes that Fannie Mae ownes.

A few may turn out to be good homes, but mostly junk I would be willing to bet, as they explicitly state “Fannie Mae sells each property “as is,” which means that the buyer accepts the property “as is.”

That is why no appraisal is required and high LTV allowed on one to multiple properties…

[Huckleberry]

Yea, sounds great but read the fine print on the “About Fannie Mae Homes”:

http://www.fanniemae.com/homepath/homebuyers/buying_fanniemaeowned.jhtml

This program is only for purchasing already foreclosed homes that Fannie Mae ownes.

A few may turn out to be good homes, but mostly junk I would be willing to bet, as they explicitly state “Fannie Mae sells each property “as is,” which means that the buyer accepts the property “as is.”

That is why no appraisal is required and high LTV allowed on one to multiple properties…

[Huckleberry]

Yea, sounds great but read the fine print on the “About Fannie Mae Homes”:

http://www.fanniemae.com/homepath/homebuyers/buying_fanniemaeowned.jhtml

This program is only for purchasing already foreclosed homes that Fannie Mae ownes.

A few may turn out to be good homes, but mostly junk I would be willing to bet, as they explicitly state “Fannie Mae sells each property “as is,” which means that the buyer accepts the property “as is.”

That is why no appraisal is required and high LTV allowed on one to multiple properties…

[Huckleberry]

Yea, sounds great but read the fine print on the “About Fannie Mae Homes”:

http://www.fanniemae.com/homepath/homebuyers/buying_fanniemaeowned.jhtml

This program is only for purchasing already foreclosed homes that Fannie Mae ownes.

A few may turn out to be good homes, but mostly junk I would be willing to bet, as they explicitly state “Fannie Mae sells each property “as is,” which means that the buyer accepts the property “as is.”

That is why no appraisal is required and high LTV allowed on one to multiple properties…

[Huckleberry]

NO DEAL!!!

[Huckleberry]

NO DEAL!!!

[Huckleberry]

NO DEAL!!!

[Huckleberry]

NO DEAL!!!

[Huckleberry]

NO DEAL!!!

[Huckleberry]

So, if I have an option ARM that I have been making minimum payments on with a balance of $650K that has already reset or is going to sometime between now and mid-2010, I can refi that whole balance into a new 5.5% (or so) 30 yr. conforming.

But if my reset is further out than mid-2010, the bank nor the govt will allow me to participate in this program? (with the caveat that the rules don’t change again…)

Additionally, do I qualify to participate if these circumstances change and my outstanding balance is less than $417K?

Also, if I have a non-Freddie/Fannie mortgage, am I going to be able to refi? Do you think the other servicers will be forced to participate?

Lastly, if I am not upside down but have in my loan but do have an exotic loan product, will a servicer (non-Fannie/Freddie be willing to refi me?

I am asking all of these different scenarios because I have multiple friends in different situations that I am trying to advise on this…

[Huckleberry]

So, if I have an option ARM that I have been making minimum payments on with a balance of $650K that has already reset or is going to sometime between now and mid-2010, I can refi that whole balance into a new 5.5% (or so) 30 yr. conforming.

But if my reset is further out than mid-2010, the bank nor the govt will allow me to participate in this program? (with the caveat that the rules don’t change again…)

Additionally, do I qualify to participate if these circumstances change and my outstanding balance is less than $417K?

Also, if I have a non-Freddie/Fannie mortgage, am I going to be able to refi? Do you think the other servicers will be forced to participate?

Lastly, if I am not upside down but have in my loan but do have an exotic loan product, will a servicer (non-Fannie/Freddie be willing to refi me?

I am asking all of these different scenarios because I have multiple friends in different situations that I am trying to advise on this…

[Huckleberry]

So, if I have an option ARM that I have been making minimum payments on with a balance of $650K that has already reset or is going to sometime between now and mid-2010, I can refi that whole balance into a new 5.5% (or so) 30 yr. conforming.

But if my reset is further out than mid-2010, the bank nor the govt will allow me to participate in this program? (with the caveat that the rules don’t change again…)

Additionally, do I qualify to participate if these circumstances change and my outstanding balance is less than $417K?

Also, if I have a non-Freddie/Fannie mortgage, am I going to be able to refi? Do you think the other servicers will be forced to participate?

Lastly, if I am not upside down but have in my loan but do have an exotic loan product, will a servicer (non-Fannie/Freddie be willing to refi me?

I am asking all of these different scenarios because I have multiple friends in different situations that I am trying to advise on this…

[Huckleberry]

So, if I have an option ARM that I have been making minimum payments on with a balance of $650K that has already reset or is going to sometime between now and mid-2010, I can refi that whole balance into a new 5.5% (or so) 30 yr. conforming.

But if my reset is further out than mid-2010, the bank nor the govt will allow me to participate in this program? (with the caveat that the rules don’t change again…)

Additionally, do I qualify to participate if these circumstances change and my outstanding balance is less than $417K?

Also, if I have a non-Freddie/Fannie mortgage, am I going to be able to refi? Do you think the other servicers will be forced to participate?

Lastly, if I am not upside down but have in my loan but do have an exotic loan product, will a servicer (non-Fannie/Freddie be willing to refi me?

I am asking all of these different scenarios because I have multiple friends in different situations that I am trying to advise on this…

[Huckleberry]

So, if I have an option ARM that I have been making minimum payments on with a balance of $650K that has already reset or is going to sometime between now and mid-2010, I can refi that whole balance into a new 5.5% (or so) 30 yr. conforming.

But if my reset is further out than mid-2010, the bank nor the govt will allow me to participate in this program? (with the caveat that the rules don’t change again…)

Additionally, do I qualify to participate if these circumstances change and my outstanding balance is less than $417K?

Also, if I have a non-Freddie/Fannie mortgage, am I going to be able to refi? Do you think the other servicers will be forced to participate?

Lastly, if I am not upside down but have in my loan but do have an exotic loan product, will a servicer (non-Fannie/Freddie be willing to refi me?

I am asking all of these different scenarios because I have multiple friends in different situations that I am trying to advise on this…

[Huckleberry]

From all the news read and heard, has anyone been able to discern if this means people with Alt-A and Option ARMS are going to be able to get out of those to avoid the resets?

So, far I haven’t seen nor heard anything about this program being used for exotic mortgage refi’s.

[Author]

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