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Government Mortgage Refinance Relief 2013

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Mortgage Relief Program. Call 1-800-483-6971. Government Assistance Mortgage Refinance in 2013. Mortgage Interest Rates at 50 year lows. Take advantage of this time and economy to renegotiate the …

Mortgage Relief Program. Call 1-800-483-6971. Government Assistance Mortgage Refinance in 2013. Mortgage Interest Rates at 50 year lows. Take advantage of this time and economy to renegotiate the terms of your Mortgage. Refinance and save thousands. Credit to President Obama State of the Union Address. Now is the time to get your government mortgage assistance. Home Affordable Refinance Program, Harp 2.0. Harp 2013. Mortgage Interest Rates 2013.

-----{ Call 1-800-463-5049 }----{ Free Loan Refinance Consultation }---

The Bill is available in these states:
AK, DE, D of C, HI, IA, KS
ME, MI, MS, MT, MO
NE, NV, NY, ND, RI
SD, UT, VT, WV, WY

-------------------------------(Call 1-800-463-5049)---------------------------------






















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  • 1. Determining the Maximum Loan Amount on Freddie Mac Relief Refinance MortgagesSM (For Mortgages with Application Received Dates on or after November 19, 2012)Use this resource to review the requirements for mortgage proceeds and steps for determining the maximum loan amountfor both the Relief Refinance Mortgage – Same Servicer and Relief Refinance Mortgage – Open Access with ApplicationReceived Dates on or after November 19, 2012. Requirements Proceeds: The proceeds of the Relief Refinance Mortgage must be used only to:  Pay off the first Mortgage (amount including only the current unpaid principal balance and interest accrued through the date the Mortgage being refinanced is paid off).  Pay related Closing Costs, Financing Costs and Prepaids/Escrows up to the lesser of: - Four percent of the current unpaid principal balance of the mortgage being refinanced, or - $5,000. Note: The proceeds may not be used to pay off or pay down any junior liens Important: In the event there are remaining proceeds from the Relief Refinance Mortgage after the proceeds are applied as described above:  The loan amount must be reduced, or  The excess amount must be applied as a principal curtailment to the Relief Refinance Mortgage at closing and must be clearly reflected on the HUD-1 form or equivalent closing statement Cash disbursed to the Borrower may not exceed $250. Closing Costs, Financing Costs and Prepaids/Escrows paid out of closing by the borrower may be reimbursed at closing and are not considered cash to the borrower. Lender Contributions: The following requirements on Lender Contributions are effective for Mortgages with Application Received Dates on or after April 30, 2013, but Sellers are encouraged to implement them as soon as possible:  The lender may provide the Borrower with a cash or a cash-like (e.g., a gift card) contribution that is not reflected on the HUD-1 form or another equivalent closing statement provided that: - The amount of the contribution does not exceed $500.00; and - No repayment is required Note: The contribution is not considered cash out to the Borrower and does not have to be included in the calculation of the proceeds of the Relief Refinance Mortgage as described above and in Guide Sections A24.3II(a) and B24.3II(b).  The lender may provide a contribution towards the payoff of the Mortgage being refinanced, provided that: - The amount of the contribution does not exceed $2,000.00; - No repayment is required; and - The contribution is reflected on the HUD-1 form or other equivalent closing statement Note: The contribution is not considered cash out to the Borrower provided it does not result in cash disbursed to the Borrower exceeding $250.00, as required in Guide Sections A24.3II(a) and B24.3II(b). As required under the Guide for all Mortgages sold to Freddie Mac, the Seller must comply with the requirements of all applicable laws in structuring and providing the contributions.Note: A vertical revision bar " | " is used in the margin of this quick reference to highlight new requirements and significantchanges.January 2013 www.FreddieMac.com/learn/
  • 2. Determining the Maximum Loan Amount onbeyondRefinancepoint type) (For Type title in the header for pages two and Relief (Arial 12 MortgagesMortgages with Application Received Dates on or after November 19, 2012)To determine the maximum loan amount, follow the steps outlined below: Step Your Result 1. Unpaid Principal Balance: Enter the total amount of the current unpaid principal balance. $____________ 2. Accrued Interest: Enter the total amount of the accrued interest due at closing to pay the loan off ((Calculate the # of days to the date the Mortgage being refinanced is paid off) x (per diem interest indicated on the payoff statement)). + $____________ 3. Closing Costs, Financing Costs and Prepaids/Escrows: Compare the following and enter the lesser amount as your result: a. The total Closing Costs, Financing Costs and Prepaids/Escrows. $_________ b. The lesser of the current unpaid principal balance from Step 1 multiplied by four percent ($______ x .04 = $______) or $5,000. $_________ The lesser of ‘a’ and ‘b’ is the maximum amount you may include in the loan amount to pay + $___________ Closing Costs, Financing Costs and Prepaids/Escrows. Additional costs, if any, that remain must be paid by the borrower from acceptable sources of funds as outlined in the Freddie Mac Single-Family Seller/Servicer Guide (Guide) Chapter 26. 4. Maximum Loan Amount: Add the results of Steps 1, 2 and 3 together to determine the maximum loan amount. = $____________ 5. Closing Statement Review: We recommend reviewing the preliminary HUD-1 or equivalent closing statement to determine if the Relief Refinance Mortgage proceeds were applied as described in Steps 1, 2 and 3 above. Cash disbursed to the Borrower may not exceed $250. Closing Costs, Financing Costs and Prepaids/Escrows paid out of closing by the borrower may be reimbursed at closing and are not considered cash to the borrower.January 2013 www.FreddieMac.com/learn/ Page 2
  • 3. Determining the Maximum Loan Amount onbeyondRefinancepoint type) (For Type title in the header for pages two and Relief (Arial 12 MortgagesMortgages with Application Received Dates on or after November 19, 2012)Example 1:Initial Determination: The payoff statement indicates the following: current unpaid principal balance is $140,000 andaccrued interest is $758. The Good Faith Estimate (GFE) reflects the total estimated closing costs, financing costs andprepaids/escrows for the refinance as $3,550. The LTV ratio is 175%.Final Determination: Upon reviewing the HUD-1, you determine that the closing costs, financing costs andprepaids/escrows are $2,950, which is $600 less than originally estimated. Since cash disbursed to the borrower may notexceed $250, the excess amount created from the lower closing costs may not be disbursed to the borrower.Below is a summary of the initial results based on the LTV ratio, the GFE prior to closing and the final amounts based onthe HUD-1 at closing: Your Result Step Initial Final Determination Determination 1. Unpaid Principal Balance: Enter the total amount of the current unpaid $140,000 $140,000 principal balance. 2. Accrued Interest: Enter the total amount of the accrued interest due at + $758 + $758 closing to pay the loan off. ((25 days to the date the Mortgage being refinanced is paid off) x ($30.32 per diem interest amount indicated on the payoff statement)). 3. Closing Costs, Financing Costs and Prepaids/Escrows: Compare the following and enter the lesser amount of the two as your result: + $3,550 + $2,950 a. The total for Closing Costs, Financing Costs $3,550 Initial / and Prepaids/Escrows. $2,950 Final ($600 less than originally estimated) b. The lesser of the current unpaid principal balance from Step 1 multiplied by four percent $5,000 ($140,000 x .04 = $5,600) or $5,000. 4. Maximum Loan Amount: Add the results of Steps 1, 2 and 3 together to = $144,308 = $143,708* determine the maximum loan amount. 5. Closing Statement Review: We recommend reviewing the preliminary HUD-1 or equivalent closing statement to determine if the Relief Refinance Mortgage proceeds were applied as described in Steps 1, 2 and 3 above. If any adjustments are required, repeat Steps 1 - 4. Cash disbursed to the Borrower may not exceed $250. Closing Costs, Financing Costs and Prepaids/Escrows paid out of closing by the borrower may be reimbursed at closing and are not considered cash to the borrower.*An alternative to using this new maximum loan amount would be to apply the excessive funds as a principal curtailmentat closing and clearly reflect it on the HUD-1 form or an equivalent closing statement.January 2013 www.FreddieMac.com/learn/ Page 3
  • 4. Determining the Maximum Loan Amount onbeyondRefinancepoint type) (For Type title in the header for pages two and Relief (Arial 12 MortgagesMortgages with Application Received Dates on or after November 19, 2012)Example 2:The payoff statement indicates the following: current unpaid principal balance is $251,150, accrued interest is $1,470,statement delivery fee is $19, and recording fee is $75. The total amount to pay the existing loan off is $252,714. Thepreliminary HUD-1 indicates that total Closing Costs, Financing Costs and Prepaids/Escrows for the refinance are $6,570.The LTV ratio is 150%. Step Your Result 1. Unpaid Principal Balance: Enter the total amount of the current unpaid principal balance. $251,150 2. Accrued Interest: Enter the total amount of the accrued interest due at closing to pay the + $1,470 loan off. ((22 days to the date the Mortgage being refinanced is paid off) x ($66.82 per diem interest amount indicated on the payoff statement)). 3. Closing Costs, Financing Costs and Prepaids/Escrows: Compare the following and enter the lesser amount of the three as your result: a. The total for Closing Costs, Financing Costs and $6,570 Prepaids/Escrows. b. The lesser of the current unpaid principal balance from Step 1 $5,000 + $5,000 multiplied by four percent ($251,150 x .04 = $10,046) or $5,000. 4. Maximum Loan Amount: Add the results of Steps 1, 2 and 3 together to determine the = $257,620 maximum loan amount. 5. Closing Statement Review: We recommend reviewing the preliminary HUD-1 or equivalent closing statement to determine if the Relief Refinance Mortgage proceeds were applied as described in Steps 1, 2 and 3 above. If any adjustments are required, repeat Steps 1–4. Cash disbursed to the Borrower may not exceed $250. Closing Costs, Financing Costs and Prepaids/Escrows paid out of closing by the borrower may be reimbursed at closing and are not considered cash to the borrower.In this example, $5,000 to cover Closing Costs, Financing Costs, Prepaids/Escrows may be added to the current unpaidprincipal balance of $251,150 and accrued interest of $1,470 for a maximum loan amount of $257,620.Additional fees on the payoff statement such as the statement delivery fee and recording fee may not be added to the newloan amount and must be paid by the borrower. For the complete detailed eligibility and underwriting requirements that apply to Freddie Mac Relief Refinance Mortgages, refer to the applicable Guide Chapters: Freddie Mac Relief Refinance Mortgages – Same Servicer (A24) and Freddie Mac Relief Refinance Mortgages – Open Access (B24).This document is not a replacement or substitute for the information found in the Single-Family Seller/Servicer Guide, and /or terms ofyour Master Agreement and/or Master Commitment. © Freddie Mac 2013January 2013 www.FreddieMac.com/learn/ Page 4