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credit 706 good for underwater property refinance?

home is with fannie mae. need to lower my rate, which is beyond high based on today's standard. never missed a payment but i am struggling. do i have a refinance option please by eileenarmin2718231 from Wellesley, Massachusetts. Sep 29th 2014 Reply


Brian Allen (ballen)
#43 ranked lender in Maryland - 189 contributions

There may be some options but need to know more. reach me at 800-485-1387 ext 116 or ballen@bankofengland1.com to qualify the loan must meet the following:You may be eligible for HARP if you meet all of the following criteria:The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.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.The current loan-to-value (LTV) ratio must be greater than 80%.The borrower must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months.

Sep 29th 2014
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You sound like you would be eligible for a harp refinance

Sep 29th 2014
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 7,802 contributions

Probably.. Depending on when your Fannie Mae loan was initiated, you might be eligible for a HARP refinance, where no appraisal will be necessary and the loan to value is ignored.. so even though your underwater, you still might be able to refi at today's lower rates.. to get started, you should contact a LOCAL mortgage broker and apply with them. By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Sep 29th 2014
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Sean Pashoian (SeanPashoian)
#42 ranked lender in Massachusetts - 22 contributions

HARP refinance is the easiest answer assuming the original loan was taken out prior to June 1, 2009 and is truly a Fannie Mae loan. Use this link to verify. Depending on your loan amount, current rate, etc. it might be the help you need. https://knowyouroptions.com/loanlookupEssentially it allows you to refinance with limited documentation and without concern for Loan to Values, credit scores, etc. Fantastic program that could help. Feel free to email or call any time. I'm local to central MA and have done too many of these to count - Closing costs can be rolled into the loan amount, etc. MA Licensed Loan Officer # 29969. If you email me current loan amount, current rate and original loan term, I will send you option that can help.

Sep 29th 2014
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With a Fannie Mae loan you do have options. You contact me through my profile I am local to you in Natick.

Sep 29th 2014
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,224 contributions

As you are seeing from other responses, your ability to refinance will be based on exactly when your current loan was closed. After that, normally there is no appraisal required but minimal qualifications still have to be met - good luck!

Sep 29th 2014
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,106 contributions

It will depend if you meet the requirements of a HARP loan. 1: You are current on your mortgage, with no 30-day+ late payments in the last six months and no more than one in the past 12 months. 2: Your home is your primary residence, a 1-unit second home or a 1- to 4-unit investment property. 3: Your loan is owned by Freddie Mac or Fannie Mae. 4: Your loan was originated on or before May 31, 2009. 5: Your current loan-to-value (LTV) ratio must be greater than 80%. Speak with a local loan officer and have them verify if you are eligible or not and provide you your options. Best wishes, Sean

Sep 29th 2014
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