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at first glance, I thought absolutely not...this was another hopeless gov't program like HOPE NOW...at 2nd look, with no requirement for MI under certain situations, this will be a benefit...

this definitely does not address the hard hit areas, but will help some homeowner's out there and will utimately fall short of solving the problem...

come to think of it, putting the 105% cap on the program is admitting that helping those above that is hopeless as they will walk away regardless and it's just a matter of time...they should've allowed the ltv limit higher in the harder hit areas...maybe to 115% or so...

Brian, unfortunately the 105ltv is statutory. The GSE's are capped at this because of the original legislation passed many years ago. Even allowing refinances with with no MI for people originally below 80 ltv but who are now above was a major sidestep of the same legislation.

Congressional action could in-fact remove the 105 ltv cap. If that were to actually happen, things would get VERY interesting.

In some areas of the country, CA & FL especially, this program is going to help very few people.  In much of the rest of the country, I think it will be far more beneficial.  It is certainly another niche product to be able to offer your customers.  I, for one, like having access to as many tools as I can to help as many people as possible.  One size may not fit all, but it is better than most of the mortgage programs proposed by the government so far.

As with all FNMA based programs, it will all come down to the overlays.  What pricing premium does FNMA want for the "risk."  Just like the super conforming, we all thought the pricing and guidelines would be similar to the agency product, but that didn't materialize.  If they make it too costly, then it will not work.

Hi All,

My name is Rouvaun Walker and I am the Wholesale Production Manager for California at EverBank.  We are rolling out the (Refi Plus) program on Monday 4/06/09.  I have not seen the pricing just yet.  I am told by our secondary that the base price is close to our normal 30 year fixed.  The question will be the risk base adjustments.  If any brokers  are interested in seeing what comes out on Monday, just email me and I will be glad to send you a rate sheet.  We truly hope this program works.

Regards~

Rouvaun

Hi Rouvaun,

I'm told that there are big changes taking effect in the Fannie Mae Fredmac guidelines for didstressed states including cali and florida.  I've been unable to find these changes anywhere.  I'm in the middle of a refi that has taken forever because of a fannie guideline requireing paved roads on all borders of commercial property.  I'm finally getting a side road paved on a 30 unit (10 building complex), and it should be completed this month.  I'm told that I have to have my $7,500 third party fees and completed app in by Tuesday 7th.  I have gread credit, and a great project.  The lender tells me that I will be out of fannie mae guidelines because of the county's population that the project and i live in.  Up in NW florida, we have a different world than the guys in the Sourthern part of the state.  I find it hard to believe that a project with a 50% LTV, a 1.41 DSC, and a 780 FICA, can't get financing after Tuesday.  This make sense to you?  Thanks  James