How To Refinance When You Owe More Than Your Home Is Worth…

If you owe more than your home is worth, and your in a loan you would like to refinance – this may be an option for you.

HARP 2

Here are the main criteria for the HARP program…

1)  The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.

2)  The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.

3)  The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.

4)  The current loan-to-value (LTV) ratio must be greater than 80%.

5)  The borrower must be current on the mortgage at the time of the refinance, with no late payment in the past six months and no more than one late payment in the past 12 months.

What about borrowers whose loans are not owned or guaranteed by Freddie Mac or Fannie Mae?

For FHA we can use a streamlined refinance to help you. For VA we can use a VA IRRRL refinance loan.

What’s next?

…First find out if your mortgage is owned by Fannie or Freddie. Click here to see if Fannie owns your loan. Click here to see if Freddie owns your loan.

If you have questions about HARP, or would like to see if you qualify – let me know. I’ll be glad to help ya!

That’s it for today!

Have a good day today! …and thanks for reading.

Brett

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