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Answers (9)
Best Answer
- Brian Johnson, "Brian P Johnson"
- Contributions:20
FHA has a new program coming out in September. That might work for you.
Its designed specificaly for people in your situation.
When FHA makes changes and anouncements they notify everyone through mortgagee letters. The one I'm referring to is 2010-23
google "mortgagee letter 2010-23"
- KeeferD420
- Contributions:5
I know that my development is far less than 50% rentals - we're at about 75% owned/occupied. Also, nobody owns more than 10% of the units. So it's sounding better all the time! I can't wait until September to get the ball rolling hopefully! I feel like I've been stuck for years!
Thanks again,
Megan
Thanks again,
Megan
- Brian Johnson, "Brian P Johnson"
- Contributions:20
FYI
Its a new program and the guidelines maybe different than a standard FHA program but ussually in order to do a new FHA loan your condominium development has to be FHA approved or approvable?
Which means it needs to be less than 50% investor units (rentals). and one person can't own more than 10% of the units in the condominium development.
Brian
Its a new program and the guidelines maybe different than a standard FHA program but ussually in order to do a new FHA loan your condominium development has to be FHA approved or approvable?
Which means it needs to be less than 50% investor units (rentals). and one person can't own more than 10% of the units in the condominium development.
Brian
- KeeferD420
- Contributions:5
Wow! Thank you so much! That's exactly the kind of information I was hoping to find. I definitely qualify for all of those rules, and I am hopeful that NHHFA will work with me on the under-water part after September. Thanks so much for the "mortgagee letter 2010-23" information and I will definitely follow-up on that after it starts in September. There may be a light at the end of the tunnel after all!
:-)
Megan
:-)
Megan
- KeeferD420
- Contributions:5
I've checked both Fannie and Freddie sites to verify that my loan is not FHA. I've also spoken with NHHFA to verify that it's not FHA.
Very frustrating, to say the least.
Very frustrating, to say the least.
- Brian Johnson, "Brian P Johnson"
- Contributions:20
I want to make sure your not letting an oppurtunity pass by.
Your correct that NHHFA doesn't do any refinances.
Even though its called it a first time buyer program doesn't mean it wasn't also an FHA loan.
The majority of the NHHFA are done in combination with something else. Four years ago most of the NHHFA were done in combination with FHA.
- KeeferD420
- Contributions:5
Unfortunately, FHA was not involved in my loan with NHHFA. It was a first time buyer's program, and they have since told me that they do not refinance any loans. I'm stuck. But I will give my credit union a try, as I have decent credit (710), so hopefully that will work.
Thank you both for your suggestions. I'll take any I can get.
Thank you both for your suggestions. I'll take any I can get.
- Brian Johnson, "Brian P Johnson"
- Contributions:20
Sounds like you may have a New Hampshire Housing finance authority loan.
four years ago many of them were done in combination with an FHA loan.
check your closing documents to see if FHA was involved.
If so you can probably do an FHA streamline refinance.
- Robert Bruno, "Robert Bruno Realtor"
- Contributions:700
Megan,
If you have good credit, try your savings bank. They might give you the loan as a new first mortgage, so you can pay off the other mortgage. If they cannot appraise the home, you might want to pay off the deficit from savings. Perhaps a 401k might allow you to borrow that money for the "down payment" and pay it back with interest to yourself. Talk to the bank and offer to put all your accounts with them (if they are not already). It is possible, with a good banking relationship, a savings bank might give you the loan. They also do not usually sell to FNMA or Freedie Mac, but loan their depositors money. Rates should be very good if you have a high FICO score. Sorry this answer is not imaginative, but sometimes a credit worthy borrower might be rewarded by good old fashioned banking relationships. Good Luck.
If you have good credit, try your savings bank. They might give you the loan as a new first mortgage, so you can pay off the other mortgage. If they cannot appraise the home, you might want to pay off the deficit from savings. Perhaps a 401k might allow you to borrow that money for the "down payment" and pay it back with interest to yourself. Talk to the bank and offer to put all your accounts with them (if they are not already). It is possible, with a good banking relationship, a savings bank might give you the loan. They also do not usually sell to FNMA or Freedie Mac, but loan their depositors money. Rates should be very good if you have a high FICO score. Sorry this answer is not imaginative, but sometimes a credit worthy borrower might be rewarded by good old fashioned banking relationships. Good Luck.
How to refinance if under water?
Thanks,
Megan
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