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Freddie Mac’s Relief Refinance Mortgage - Investment Condo

Hello
I have an investment property that is considered a condo. I am looking for Freddie Mac's Relief Refinance Mortgage to reduce my monthly payment/interest rate. 
Can I refinance. My Realtor said that I cant Re-fiance because this is an investment condo. Does anyone know.
  • September 16 2011 - Ann Arbor
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Answers (3)

Realtors are not a good source of information when it comes to financing.   If your condo is Freddie Mac owned, refinance is available up to 125% of the current market value, assuming you qualify.

There are two versions of the program, Relief Refinance and Open Access.  The Relief Refinance requires you work with the current servicer (If they offer and originate the program), it also requires the current occupancy be the same as the original occupancy.

Open Access you can work with any participating lender, and the initial occupancy is not a factor.   It can be a tough program to find especially for an Investment Property.    A local mortgage broker would be a good source to work with as they should have some options available for you.
  • September 17 2011
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Justin is right on. Call a local lender/broker to discuss your particular situation. Let them know upfront that you need a Freddie Mac refi for an investment property. We have a lender that will refinance your loan. Also, Freddie Mac refis limit you as to the amount of closing costs you can roll into the new loan. 4% of the current balance, or $5,000 - whichever is less.

  • September 17 2011
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I recommend you contact your servicing Lender who can tell you if your Freddie Mac mortgage on your investment condo is eligible for a refinance under HARP.

The servicing Lenders are typically BofA, Chase, Wells Fargo .. US Bank.
  • September 18 2011
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