There are four mortgage refinance solutions for Ohio homeowners with little, no, or negative equity, and are currently making on-time mortgage payments. Please visit here for some examples of how I have used these programs to help borrowers.
Making home affordable / HARP- Home Affordable Refinance Program (HARP). This refinancing option is only available if you are current on your mortgage. Ohio borrowers who currently have a conventional loan and a lack of equity refinance with this great program. HARP refinance loans were originally approved by a lender who funded the loan with Fannie Mae or Freddie Mac backed securities. You can visit here to determine if you have a Fannie Mae loan, and here to see if you have a Freddie Mac loan.
Loan to values up to 125% are available without PMI on HARP loans. No PMI is only available if your exisiting loan has no PMI. Fannie Mae’s (DU Refi Plus) and Freddie Mac’s program (Open Access) program dates are March 2009 – December 31, 2013. HARP loans are available on primary residence, 2nd homes and investment properties.
Click here to get information about the changes to the HARP program going into effect December 1, 2011:
FHA rate and term refinance - With appraisal up to 97.75% LTV, with subordinate financing up to 125% LTV. FHA refinance loans may be the best option for someone who purchased a home with a subprime lender, borrowers with fair to good credit with little equity, or those with high debt to income ratios.
FHA streamline – Borrowers who currently have an FHA loan who may be underwater, or otherwise ineligible for any other kind of refinance, an FHA streamline refinance without appraisal. No appraisal needed, closing costs and new escrow account will be paid out of pocket by the borrower. Some or all of the closing costs on a streamline refi without appraisal are often paid by the lender, with a no closing cost refinance.
Short payoff FHA refinance. “Underwater” borrowers, with the help of a skilled loan officer, negotiates with your current lender, refinances into an FHA loan at 97.75% LTV, writing off (without recourse) any negative equity in your home. If you are current on your mortgage, but owe more than your home is worth FHA Short Refinance may be an option that your mortgage servicer will consider. FHA Short Refinance was designed to help homeowners refinance into more affordable, more stable FHA-insured mortgage. If your current lender agrees to participate in this refinance, they will be required to reduce the amount you owe on your first mortgage to no more than 97.75% of your home’s current value.
If you are a home owner with little, or even negative equity and would like to discuss your options please contact me.
