Forgotten Your Password?

Need to Register?

Question Icon

GNMA mortgage underwater can I refi

As I said my home is with Ginnie Mae. We're underwater though and I'm not sure what to do. Is HARP an option? I was told most likely not. Would love to know if that's true or not or something else we can do by kissco7824628 from Provo, Utah. Dec 16th 2014 Reply


Howard Thruston (howardthruston)
#56 ranked lender in Utah - 3 contributions

I'm a real estate broker in Orem and our office use to be in Provo. I have a great senior loan officer who can help. His name is Paul Newell and he's with Security Home Mortgage in Orem. I would give him a call. His number is (801) 362-2010. All the best.

Dec 16th 2014
0
0
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,240 contributions

really depends on what type of loan it is. Both FHA and VA offer "streamline refinance" options where the appraisal is not considered. Those types of loans are done all the time without a mortgage as long as you have been current on the mortgage.

Dec 16th 2014
0
0
David Bailey, MBA (dbailey@westloan.com)
#219 ranked lender in Texas - 19 contributions

Depends on when you took out the original loan. A streamlined refinance without an appraisal is an option but there are differing rules depending on FHA or VA. Best to contact one of the lenders on this page in your area and see if they can assist you. You may also want to talk to your current loan servicer. A lot of homes that were under water are no longer. Have you checked the value of your home recently and compared to your actual mortgage balance? -DB

Dec 16th 2014
0
0
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,930 contributions

If the loan is GNMA, it is either an FHA loan or a VA loan. Both of those programs offer a streamline refinance option where an appraisal may not be needed. Therefore being underwater is not a problem. The HARP refinance program is only available to someone with a Fannie Mae or Freddie Mac loan, and the loan must have been take out prior to June 2009. For a HARP refinance in MN, visit www.HARP-Refinance-MN.com

Dec 16th 2014
0
0
Subscribe to our news feed.