The White House announced a new mortgage refinancing plan in hope it will be in effect by the end of this month. The Obama Administration has proposed a housing initiative with new regulations to make it easier for homeowners to refinance their mortgages.
President Obama’s initiative would be made to the current Home Affordable Refinance Program, the national refinance program that has been active for the past two years. The White House plans to reach out to millions of homeowners struggling to make mortgage payments and hold onto their properties. This new program could allow them to refinance mortgages even if their home is worth less than what they owe.
The White House has prioritized efforts to help the current housing economy and to assist the millions of struggling homeowners in America. The Obama Administration states:
“Homeowners on average could save $2,500 a year…that means about $50 billion a year nationwide.”
Agency officials are looking to reduce fees and relax eligibility standards to refinance property mortgages. The new changes to the Home Affordable Refinance Program will help homeowners with little or no equity in their houses refinance by reducing cost and removing caps which would prevent deeply underwater borrowers access to the new program. President Obama is pushing to streamline the process of home refinancing with hopes to raise the current loan-to-home value ratio cap, which is currently at 125%.
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