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Fannie Mae 120% Refinance: Off and Running August 1?

July 11th, 2008

The near-collapse of mortgage giant Fannie Mae doesn’t appear to have yet derailed its latest initiative called “Keys to Recovery,” a program including provisions for refinancing “underwater” properties for up to 120% of the home’s value. There are some stipulations: first, if you want to refinance, your current loan has to be a Fannie Mae loan originated according to Fannie Mae guidelines. Second, you have to be current with your mortgage payments. Fannie Mae originally committed to begin buying these loans on August 1st. Interested consumers can begin checking with lenders now to see who will be offering the program and when they can apply for a refinance.