New FHFA Principal Reduction Loan Modification Program

 

FHFA principal reduction loan modification program is a loan modification in which your principal balance is lowered. The Federal Housing Finance Agency (FHFA) announced on April 14th that Fannie Mae and Freddie Mac will offer principal reduction loan modifications to certain highly delinquent, underwater borrowers. The new Principal Reduction Modification program is a one-time offering for borrowers whose loans are owned or guaranteed by Fannie Mae or Freddie Mac and who meet specific eligibility criteria.  The modification will be available to owner-occupant borrowers who are 90 days or more delinquent as of March 1, 2016, whose mortgages have an outstanding unpaid principal balance of $250,000 or less, and whose loan-to-value ratios exceed 115 percent.  Other eligibility criteria apply. Contact Justin to learn more at 347-352-0505

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