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More options for Home Affordable refis

Freddie to allow use of any affiliated lender

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Homeowners seeking to refinance a mortgage owned or guaranteed by Freddie Mac under the Obama administration's Making Home Affordable program will soon be able to use any lender affiliated with Freddie Mac, and roll up to $5,000 in closing costs into their new mortgage.In announcing the planned changes to its Making Home Affordable refinancing program, Freddie Mac said borrowers who work with their current servicer to refinance will usually not need to be underwritten again. Whether borrowers choose to work with their existing servicer or another lender, Freddie Mac's post settlement delivery fees of up to 2 percent will apply.Announced in February, the Making Home Affordable initiative has two major components that are intended to help 7 million to 9 million families refinance their loans or obtain loan modifications.The refinance component of the initiative is intended to help up to 5 million borrowers who might otherwise be unable to refinance because falling home prices have left t...