President Obama announced an initiative to help homeowners refinance their homes. This program is designed to help people who have previously not been able to refinance to lower rates because the current value of their home has dropped.
You must qualify for this initiative. Your home loan must be more than 80% of your appraised home value. Your existing loan must be paid up to date. An appraisal may not be required. Currently you must have a Fannie Mae or Freddie Mac Loan and it must have been sold to them on or before May 31, 2009. You can check at the following locations:
• For Fannie Mae: http://www.FannieMae.com/loanlookup or 800-7FANNIE (8 am to 8 pm ET).
• For Freddie Mac: https://ww3.FreddieMac.com/corporate or 800-FREDDIE (8 am to 8 pm ET).