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Obama Mortgage Refinancing Program??

New Member

Obama Mortgage Refinancing Program??

How can I apply for the Obama Mortgage Refinancing Program? Is it only through my loan officer?

 

Do I still have to pay the refi fee or any ther fees for this program?

 

Have anyone sucessfully applied? how was it? Was it worth it?

 

Thanks!

Message 1 of 8
7 REPLIES
Valued Contributor

Re: Obama Mortgage Refinancing Program??

I have never heard of it until now. I'm sure if you google it, you may find a website that tells the specifics of the refi program.

Hang around though, I'm sure there are other members seasoned on this topic.
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Message 2 of 8
New Member

Re: Obama Mortgage Refinancing Program??

^yup I just read about it today but I think the program started in late 2009.

 

This is what I was able to find:

 

Edited out a link that solicited others for a mortgage, and had no relation to FHA.gov. - llecs, myFICO moderator

 

Thanks!!

Message 3 of 8
Valued Contributor

Re: Obama Mortgage Refinancing Program??

Interesting. That sucks that the mortgage program isn't available for FHA or VA loans. But the website said they are working to expand the number of eligible homeowners.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 4 of 8
Valued Contributor

Re: Obama Mortgage Refinancing Program??

I havent had any one ask about this program since late 2010.

It is generally steered toward conventional loans as at that time FHA and VA loans were not part of it.

Yes you would talk to LO or Broker to see if you qualify. As far as the cost is concerned, the LO or Broker does get paid. If you are approved the cost are handled in different ways where you can have very little out of pocket expense.

Best advice would be to go talk to LO or Broker and let them explain your options.
Good Luck
May all your dreams and wishes become a reality!
Message 5 of 8
Moderator Emeritus

Re: Obama Mortgage Refinancing Program??

I don't think there's a program by that name, or at least passed by Congress. There have been nicknames given to existing programs like HAMP or HARP. Definitely check with your lender for refi options.

 

BTW, I had edited out your link. You didn't do anything wrong, but the link provided went to a mortgage sales site vs. FHA.gov. It seemed scammy at the least and for the protection of others it was zapped.

Message 6 of 8
Valued Contributor

Re: Obama Mortgage Refinancing Program??

They said on the website posted that it is a totally separate program from hamp or harp. It is also known as the making home affordable program.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 7 of 8
Valued Contributor

Re: Obama Mortgage Refinancing Program??

Well I just saw the other post that said the link was bad, so never mind.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 8 of 8