Fannie and Freddie expanded the scope of their refi programs to cover owners of second homes and one-to-four unit investment properties, on the condition:
- no mortgage payments have been made over 30 days late within the prior 12 months;
- the loan balance does not exceed the property value by more than 5%; and
- the mortgage is owned or guaranteed by either Fannie or Freddie.
Re: “Fannie, Freddie broaden refinance help” from the San Francisco Chronicle