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Can I refi from a 30 year to a 15 year mortgage even though I dont have any equity?

I bought in 2004 for 385k, my places are going for 275k. I paid down my loan in its first years and now owe 300k. I don't have a Fannie or Freddie loan to qualify for HARP. Is there anything out there to help me refi? Or are there any programs in the works that I should be watching out for? by afkay1_961_520 from San Jose, California. Jul 10th 2012 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

Unless your current servicer is willing to refinance you in negative position (doubtful), then you really have no options as far as a straight up refinance. There is a possibility that if you approached an FHA 203K rehabilitation loan, and with the right improvements, you could improve your value to a slight equity position, but I wouldn't advise this since you would have to take on more debt just to refinance.... Property values are moving up, and in some area's it's moving fast.. I'm going to say it probably won't be much longer before you have an equity position... FHA will do a rate and term refinance at 97.75% LTV. So if you value increases to $307K, you're there.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Jul 10th 2012
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Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 1,894 contributions

Unfortunately your only real option at this point is to try and work with your current lender. Unless you already had plans for a renovation project, don't consider the FHA 203k renovation loan. Many parts of the country are seeing values improve and if you keep making the extra payments, it is likely that you will see equity not very far down the road. In addition, there is much talk (but little action so far) on a program that may allow people like you to participate in a variation of the HARP 2.0 program. If, and when it comes to pass, only time will tell, but keep watching here for updates. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

Jul 10th 2012
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,244 contributions

I do not know of any programs for you at the moment. I would speak with your current mortgage holder and see if they will work with you. I am hearing that HARP 3.0 might help people such as yourself but nothing is definite and I do not know when it is supposed to come out. All the best!

Jul 10th 2012
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Chris Mylin (chrism_408_673)
#58 ranked lender in Ohio - 32 contributions

Is your current loan an FHA loan? If so you might be able to do a FHA Streamline without an appraisal.

Jul 10th 2012
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Its a Cal FHA loan. - Thanks for the answers.

Jul 10th 2012
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Ken Burrows (mortgagesforamerica)
#19 ranked lender in Nevada - 572 contributions

If you have an FHA loan we possibly can do an FHA Streamline with No Appraisal and No Income Docs. Let me know if I can help you. 888-320-7888. - Ken

Jul 10th 2012
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I meant Cal HFA - not FHA.

Jul 10th 2012
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Jonathan Rhode (jrhode)
#184 ranked lender in California - 130 contributions

Are you sure that your loan is not with Fannie Mae. The reason I ask is I have a client currently who is in a CAL HFA loan and their loanis with Fannie. If you would like me to check please feel free to contact me at 877-401-1389 xt 103 or email me at jrhode@cstonemortgage.com Thank you, Jonathan

Jul 10th 2012
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Ralph Richard Guertin (ralph@absolutelowrates.com)
#136 ranked lender in Florida - 796 contributions

Harp 3.0 might be an answer if passed and you qualify keep in touch with us and we will let you know it might be a good 6 months from now but hang in there

Jul 10th 2012
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