Making Homes Affordable
Definition
A refinancing program that allows a mortgagor to refinance their mortgage on a first and/or second home, and/or an investment property for up to 125% of its current value. Borrower is required to have good credit scores, a 12-month history of making timely mortgage payments, certain income and assets, a recent appraisal, can use the refinancing monies only for certain transactions, and the home could not have been on the market within the last 6 months.
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