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How to refinance when you do not live in your home?

We are a military family and as such were forced to move from a home and unable to sell due to property values falling while we lived there.  It is our only home and we intend to return.  The home is underwater with a LTV of 111%.  The rent we get from our tenants is about $400 under our morgage and the overage is starting to be difficult on our budget.  We have never been late on a payment and even have a history of paying extra.  I think we have extremely good credit right around 800 based on a credit check my husband had recently,  but I need to check to be sure.  I have found Navy Federal our lender highly resistant to allowing us to refinance since we do not live in the home.  I read the harp2 rules and it seems we should qualify, but how do we find a lender to help us??  I got no quotes at all when I listed it as an investment property.
  • July 31 2012 - Lexington Park
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Answers (2)

Profile picture for aguethler
We meet all the qualifications of HARP, but so far all the lenders I have talked too have said that we cannot refinance based on it being an investment property (or that they no longer do investment property refinances).  .  The loan is from 2007 and owned by fannie Mae.  I have checked the three we work with regularly citibank, navy federal (the originator) and USAA.  Navy Federal is of course not eager to work with us because it will reduce their profits - they haven't even called us back.  I am nervous about just picking a bank over the internet, but even so we got NO quotes from zillow's tool. 
  • July 31 2012
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Did you purchase this property using your VA loan eligibility? (since you are a military family)   If so, HARP will not work for you since the program only applies to conventional loans, not VA loans.

If you do have a conventional loan, to qualify for HARP, it must be owned by Fannie Mae or Freddie Mac and the current loan must have closed prior to June 1st 2009.   If you fit those guidelines, then you should be able to refi despite you not living in the property.  
  • July 31 2012
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