According to OregonLive, a state refinancing program for underwater borrowers is slowly gaining ground across the state, with the initiative expanding to Clackamas and Washington counties.

The Rebuilding American Homeownership Pilot Program refinances mortgages for homeowners who owe more on their loan than their home is worth, lowering their monthly payment or letting them pay down their loan more quickly. It was first opened to Multnomah County homeowners in June.

The program — a pilot for a broader refinance program proposed by Sen. Jeff Merkley, D-Ore. — designed to reach homeowners whose loans aren’t eligible for the federal Home Affordable Refinance Program because they’re not insured by the government-sponsored loan giants Fannie Mae or Freddie Mac. Most conventional lenders won’t refinance underwater mortgages because they are at greater risk of foreclosure.

Most Popular Articles

3 housing trends to watch for in 2020

The year 2020 is now upon us, and as we say goodbye to 2019, we welcome a new decade and all the twists and turns it will bring for the housing industry.

Dec 02, 2019 By

Latest Articles

When it comes to their home, Millennials are picky

According to a new data set from the National Association of Home Builders, Millennials care just as much (if not more) about they want in a house rather than what they need.

Dec 05, 2019 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please