Is there any government funding for refinancing your first home?

Question

Is there any government funding for refinancing your first home?

Answer 1

Perhaps you are confusing something you heard about refinancing with the "interest rate freeze" plan that the federal government announced this past December 2007.

Under very specific conditions you may  be eligible to have an adjustable interest rate frozen at its present rate.

As I said, there are a LOT of restrictive conditions - for example, you must have a FICO credit score of 660 or less, you must have borrowed on an adjustable rate mortgage between January 1, 2005 and June 30, 2007, and you must be current on your monthly payments.

Otherwise, no, there are no federal government funds to help you pay to refinance your mortgage. There are, however, housing counseling programs offered through the Department of Housing and Urban Development that provide a full range of free services - including foreclosure prevention and household budgeting. Check with your local office of HUD, which can be found in the government section of the phone book.

All that being said, there MAY be some kind of special program offered by the housing authority in your state - some state governments offer 1st time home buyer grants and downpayment assistance, so who knows. Ask your HUD office and they should be able to direct you to the local housing authority as well.

I hope that helped. Good luck to you!

Answer 2

no