The federal government recently released more details on how to qualify for the new refinancing program. In a nutshell, if you want a federally-insured refi at a a lower rate, you must meet the following requirements:

1. you must live in the property as a primary residence

2. your mortgage must be insured by Fannie Mae or Freddie Mac

3. you must be current on your mortgage payment

4. the amount you owe on your home must be equal to or less than the value of the property

If you want to give this “creative refinancing” a try, check out the official FinancialStability.gov website.

See Also:

Creative Re-Financing – Obama’s New Plan

Tags | Making Home Affordable, Obama, Refinancing