Posted on: 18th Jan, 2010 08:54 pm
hi,
the home affordable refinance is a great program but unfortunately does not extend for good citizens like me who does not have a fanni mae or freddie mac loan. i have been my mortgages on time but am unable to refinance unless i shell out the difference between my current loan balance and the new appraised value (which has gone down in the last year). i have shopped around and can't find anything good.
any ideas on how i can get 125% without paying down the difference?
the home affordable refinance is a great program but unfortunately does not extend for good citizens like me who does not have a fanni mae or freddie mac loan. i have been my mortgages on time but am unable to refinance unless i shell out the difference between my current loan balance and the new appraised value (which has gone down in the last year). i have shopped around and can't find anything good.
any ideas on how i can get 125% without paying down the difference?
As far as I know, it is the Fannie Mae or the Freddie Mac sponsored loans which qualify for Home Affordable Refinance Program. I haven't heard of any news which states that this program will get extended to loans which are not sponsored by Fannie Mae or the Freddie Mac.
What about an FHA loan?
Hi Douglas,
Your query is not clear to me. However, if you have an FHA loan and if you're facing problems in paying it, then you should contact your lender and apply for Home Afforable Refinance Program. The lender will let you know whether or not he will be able to offer it to you.
Your query is not clear to me. However, if you have an FHA loan and if you're facing problems in paying it, then you should contact your lender and apply for Home Afforable Refinance Program. The lender will let you know whether or not he will be able to offer it to you.