The Arizona Obama Refinance Just Got Easier

If you happen to see something that doesn’t quite make sense, just wait for a bit… it might change.

This is exactly what happened today when Freddie Mac announced that you can now use any Freddie Mac approved lender when doing an Arizona Obama Refinance. Surely you remember what the Obama Refinance plan is, don’t you?

The Obama refinance plan is also known as the Making Home Affordable program – and the Obama refinance plan is the nickname. The Making Home Affordable refinance plan was announced in April and when it was announced, it was outlined that anyone who had a mortgage that was owned by Freddie Mac was required to go through their current lender rather than use the lender of their choice.

Today, that changed.

Today’s announcement from Freddie Mac means that anyone who has a loan that is owned by Freddie Mac can refinance their home with the lender of their choice as long as the lender is Freddie Mac approved.

According to Freddie Mac Executive Vice President Don Bisenius:

“We are responding to consumers’ desires to have more refinancing options. As an added benefit, we are expanding the program and providing greater flexibility in financing closing costs. Freddie Mac is committed to doing everything we can to bring the benefits of the Administration’s Making Home Affordable program to as many borrowers as possible.”

Even though you will now have a choice – it is still somewhat more difficult to get your refinance done if you choose to go through a lender other than your current servicer. According to the details of the announcement:

1. Borrowers can continue to work with their existing servicer to refinance their mortgage. In the vast majority of these cases, the current servicer will not have to re-underwrite the borrower.
2. If the borrower chooses to work with another Freddie Mac-affiliated lender, the mortgage will need to be re-underwritten.
3. Freddie Mac will allow the lesser of 4 percent of the new refinance mortgage amount or $5,000 of closing costs, financing costs and prepaids/escrows to be rolled into the new refinance mortgage.
4. Freddie Mac’s standard post settlement delivery fees, up to a maximum of 2 percent, will apply to the Relief Refinance Program.

Regardless – if you live in Arizona and think that you may be a candidate for the Obama refinance plan, you can now have freedom to work with whatever lender you would like — even if your loan is owned by Freddie Mac.

Free video reveals the #1 secret to getting a FREE mortgage!