Posted on: 18th Apr, 2009 01:06 pm
i have a fannie mae loan. the loan is current for a single family home that is not rented but occupied by my family ten miles from my primary residence. fannie mae has a new home affordable refinance program that allows owners of primary, second homes and small investment properties to refinance their existing fannie mae loan with their lender or another fannie mae lender. using freddie mac information there is a maximum charge of about $2,500.00 or the loan. fannie and freddie offers the same program but some of the terms are slightly different. one lender told me there was no surcharge for the investment property and the others lenders indicate there is a surcharge and the loan rates will be different between the type of property. i can't find any specific informaion on the web sites about the charges from fannie mae.
Hi evgy,
Welcome to our forums.
I haven't heard of any surcharge for an investment property as far as the Home affordable Refinance program is concerned. You need to check this out from the lender who's providing the refinance loan. As for the rates, I do feel, they would be different for primary homes and investment properties. In case you'd like to check if you qualify for the Home Affordable refinance program, browse through http://makinghomeaffordable.gov/refinance_eligibility.html .
Good luck
Welcome to our forums.
I haven't heard of any surcharge for an investment property as far as the Home affordable Refinance program is concerned. You need to check this out from the lender who's providing the refinance loan. As for the rates, I do feel, they would be different for primary homes and investment properties. In case you'd like to check if you qualify for the Home Affordable refinance program, browse through http://makinghomeaffordable.gov/refinance_eligibility.html .
Good luck
Thank you for the reply.
Home Affordable Refinance Program is being handle by eight larger lenders including Chase, Bank of America, Wells Fargo, Citibank, GMAC, Saxon Mortgage, Select Portfolio an a couple others that I have not been able to find the complete list of names.
Additional information will be released on the guidelines in a couple of more weeks. I have read the guidelines. My loan is less than 80% of the Market Price of the property. The information was not very clear about loans below the Market Price. There were several examples of loans that were over 80% of the Market Price.
Some of the lenders have a special department that handles the Home Affordable Refinance Program. The representatives in these special departments are somewhat familiar with the program. They all say that an investment property requires a surcharge because of the risk. Some of the representatives that have little or no information try to recommend there standard loans at higher interest rates.
The requested loan does not require Primary Mortgage Insurance because the loan amount is below the 80% loan to value requirement for the Primary Mortgage Insurance.
evgy31a
Home Affordable Refinance Program is being handle by eight larger lenders including Chase, Bank of America, Wells Fargo, Citibank, GMAC, Saxon Mortgage, Select Portfolio an a couple others that I have not been able to find the complete list of names.
Additional information will be released on the guidelines in a couple of more weeks. I have read the guidelines. My loan is less than 80% of the Market Price of the property. The information was not very clear about loans below the Market Price. There were several examples of loans that were over 80% of the Market Price.
Some of the lenders have a special department that handles the Home Affordable Refinance Program. The representatives in these special departments are somewhat familiar with the program. They all say that an investment property requires a surcharge because of the risk. Some of the representatives that have little or no information try to recommend there standard loans at higher interest rates.
The requested loan does not require Primary Mortgage Insurance because the loan amount is below the 80% loan to value requirement for the Primary Mortgage Insurance.
evgy31a