Yes, believe it or not, you read that right. Tasha Linton, of Atlantic Home Equity Mortgage shared with our office that they are offering 105% Refi Plus on Fannie Mae or Freddie Mac Loans!
What’s the deal? Primary and investment properties qualify (no limit to amount of properties owned). You can refi up to 105% LTV with NO mortgage insurance.
The goal of the refinance initiative, as announced by the President, is “to provide access to low-cost refinancing for responsible homeowners suffering from falling home prices.”
So what’s the catch? Well, you get limited cash out (which, in this market/economy makes sense). Also you must presently have no mortgage insurance. It is also currently only available until July 2009!
This is a great opportunity for those that have adjustable rate mortgages or interest only loans. This opportunity is not just for Baltimore homeowners, it is all over the US.
So take advantage if you are eligible. Here is YOUR bailout for being a conscientious homeowner!