Posted on: 14th Apr, 2009 04:56 am
i'm being told that the rules by fannie mae and freddie mac will not allow me to refinance my home that is currently listed for sale. the lender who holds the mortgage right now is stating this. do i need to go to another lender? with all the foreclosures out there right now, why wouldn't a bank be willing to refinance to someone with excellent credit?
I know of a lender that refinances a day off of the market, but I don't know of any lenders that will refi you while you "currently" have it for sale.
Hi kekstlou,
As far as I know, you'll be able to refinance a property that is listed for sale. However, as your present lender is not ready to refinance, I would suggest you to speak to some of the other lenders and check out what they have to say in this regard.
Take Care.
As far as I know, you'll be able to refinance a property that is listed for sale. However, as your present lender is not ready to refinance, I would suggest you to speak to some of the other lenders and check out what they have to say in this regard.
Take Care.
Well probably the logic is this.
They do nto want to offer you a low interest for a hosue which you want to sell.
They do nto want to offer you a low interest for a hosue which you want to sell.
As a FNMA/FHLMC/FHA/VA underwriter, I can tell you that MOST lenders absolutely will not lend on a property that is currently listed or has been listed within the last 3 to 6 months.
I agree, most will not lend if the home is listed for sale. They are going to process a lot of paper and they are in business to make money. If you payoff your loan after two or three months, then the interest they earn barely covers their costs to underwrite and set up your loan in the first place.
