When will these enhancements become available?
Timing will vary by mortgage lender. The Enterprises will be sending operational instructions to lenders by November 15th. Some lenders may be able to accommodate mortgage applications under some of the enhancements by December 1 while it could take other lenders additional time to incorporate the expanded program into their systems. In addition, some of the enhancements such as delivery of loans with LTV greater than 125 should be operational during the first quarter of 2012.
Here is the recent update from my previous post on 10/25. Looks like it will be March 2012 before the full program will available. Click on Guide Announcement - SEL-2011-12. https://www.efanniemae.com/sf/mha/mharefi/
Happy funding, Rudi
Our lenders are rolling out with it on December 1st. We're waiting for further explanations on the guidelines from our lenders and it hasn't been clarified if we're going to be offering it until mid December or December 1st when we get the updates. If I can be of assistance when the program rolls out please feel free to give me a call or send me an email.
First Capital Mortgage
Direct: (310) 434-1718
Cell: (310) 995-0975
This refinance program is only available to homeowners with Fannie Mae or Freddie Mac Loans, and not all lenders or servicers are allowing this program. The only lender locally that I know of that is doing it is
Michael Belfor Mortgage Banker - Regional Branch Manager
American Pacific Mortgage Corporation
Office: 415.899.8555 | Direct: 415.524.8285 | Fax: 888.512.0090
845 Olive Avenue Suite 208 | Novato, CA 94945 | NMLS: 1850 | MLO: 264700 | DRE:01878769
because they are a direct lender to Fannie Mae and Freddie Mac.