Second Homes Eligible for Refinancing Under Mortgage Plan

Initial reports from the White House and Treasury were that only owner occupied, primary residences would be eligible for refinancing under the mortgage relief plan.  Now Fannie Mae and Freddie Mac are saying that loans they hold on second homes and small rental properties of less than 4 units are eligible, provided the loans are current.

Both Fannie Mae and Freddie Mac plan to waive minimum borrower credit score requirements for applicants.  Similarly, no limits will be placed on existing second mortgage or equity line balances.

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