This is not a typo! This may sound crazy but the H.R. 6218 bill is in the works and will allow FNMA and FHLMC owned mortgage holders to refinance into current market rates without any documentation including appraisals. Some may believe this could be a great way to bring our housing market back on track.
Underwater home owners making their payments on time would be able to significantly decrease their mortgage payments and home loans with today’s rates and get into a fixed loan. My personal take is this would be fantastic and decrease the amount of people who would normally just walk away from their homes and possibly slow the coming foreclosure wave. This bill also claims that it will NOT cost the tax payers any money. If the big banks were to agree to something like this I believe they will want some government backing. More updates to come, feel free to tweet this post.
-Justin, Electric Loan Officer
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