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Answers (2)
- Justin McHood, "justinmchood"
- Contributions:13
Lisa,
First step is to find out if your loan is owned by Fannie Mae or Freddie Mac.
If it is owned by Fannie Mae, you can use any Fannie Mae approved lender to possibly "streamline" your loan with the DU Refi Plus program.
If it is owned by Freddie Mac, you can only use your current lender to help you -- so call them directly.
That said, many people here in Arizona are over 105% LTV in which case the DU Refi Plus program won't help - the only chance is to work with your lender to possibly get a loan modification done under the Making Home Affordable program.
I wish it was easy, cut and dried/black and white -- but it isn't.
If I were you, I would start by picking up the phone and talking with your current lender.
Justin
First step is to find out if your loan is owned by Fannie Mae or Freddie Mac.
If it is owned by Fannie Mae, you can use any Fannie Mae approved lender to possibly "streamline" your loan with the DU Refi Plus program.
If it is owned by Freddie Mac, you can only use your current lender to help you -- so call them directly.
That said, many people here in Arizona are over 105% LTV in which case the DU Refi Plus program won't help - the only chance is to work with your lender to possibly get a loan modification done under the Making Home Affordable program.
I wish it was easy, cut and dried/black and white -- but it isn't.
If I were you, I would start by picking up the phone and talking with your current lender.
Justin
- Andrew Adams, "203K Specialist"
- Contributions:9349
The only program I am aware of is the DU Refi plus and Refi Plus loan. The loan has to be owned by Fannie or Freddie and it allows for an LTV of 105%. If the LTV is above 105% or the loan is not owned bt Fannie/Freddie or a Govt Loan.
I am wanting to streamline my adjustable conventional loan (like you do with FHA) is this possible?
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- 0.0/5.0
- (no reviews)
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