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Answers (8)
- Anthony VanDyke, "Anthony VanDyke"
- Contributions:43
go to www.makinghomeaffordable.gov and click on "loan lookup" from here you can look up whether your loan is owned by fannie mae or freddie mac.
Anthony VanDyke
Anthony VanDyke
- Keane Ng, "Keane Ng"
- Contributions:297
I know I'm coming to this party super late, but hoping you have not lost your home, gone late or anything else, you do have other options.
FHA loans allow up to 97.15-97.75% of the FIRST MORTGAGE and UNLIMITED combined value for a first and second. You do not need to be paying off a Fannie Mae or Freddie Mac loan either.
For instance, your loan is not owned by Fannie Mae or Freddie Mac. If your first mortgage is near or under 97% of your value and it's your second that takes you above 100%, FHA will do this loan. More importantly, they do not have price adjusters like Fannie Mae and Freddie Mac for the high value. The only caveat is you'll pay mortgage insurance, which in my opinion, is a small cost to get a low 30 year fixed rate.
If you can swing the payments, a FHA 15 year loan at 90% or less is great because it does not have mortgage insurance, including if the 2nd is higher. So if your first mortgage is at 90% of your value or less and it's your second that goes over 100%, you can get a FHA 15 year fixed loan with no mortgage insurance at a low rate. The payments are higher but it will pay your principal faster thus getting you back to under 100% faster. I love this option.
Here is a guide that details all the options available and alternatives you can consider. Sorry for the late response, I know this is months after the question but I'm hoping to bring light to a dark tunnel.
http://www.keaneloans.com/2009/12/18/homeowners-guide-to-harp/
FHA loans allow up to 97.15-97.75% of the FIRST MORTGAGE and UNLIMITED combined value for a first and second. You do not need to be paying off a Fannie Mae or Freddie Mac loan either.
For instance, your loan is not owned by Fannie Mae or Freddie Mac. If your first mortgage is near or under 97% of your value and it's your second that takes you above 100%, FHA will do this loan. More importantly, they do not have price adjusters like Fannie Mae and Freddie Mac for the high value. The only caveat is you'll pay mortgage insurance, which in my opinion, is a small cost to get a low 30 year fixed rate.
If you can swing the payments, a FHA 15 year loan at 90% or less is great because it does not have mortgage insurance, including if the 2nd is higher. So if your first mortgage is at 90% of your value or less and it's your second that goes over 100%, you can get a FHA 15 year fixed loan with no mortgage insurance at a low rate. The payments are higher but it will pay your principal faster thus getting you back to under 100% faster. I love this option.
Here is a guide that details all the options available and alternatives you can consider. Sorry for the late response, I know this is months after the question but I'm hoping to bring light to a dark tunnel.
http://www.keaneloans.com/2009/12/18/homeowners-guide-to-harp/
- Brent Mendelson, "EastCoastMortgages"
- Contributions:61
Did you call your lender just to double check? If they aren't owned by either than yes you aren't eligible for that program. Your lender may still have programs though and you should speak to them right away. I think it would be in their best interest to help you. As I say, common sense and logic as sadly lacking right now though in this industry. Let us know how it turns out for you.
Thanks,
Thanks,
- tcorp
- Contributions:26
Thanks! It's not owned by Freddie either! So am I stuck? Any other options?
- Brent Mendelson, "EastCoastMortgages"
- Contributions:61
https://ww3.freddiemac.com/corporate/
Take a look at this site, it will let you search Freddie. I would also call your current.
I have seen the websites not be completely accurate. On your HELOC that isn't owned by Fannie/Freddie because they never played in that market. That could be depending on the 2nd lender a problem. If you get a new first and the 2nd lender doesn't agree to the new loan you can't get it. You must have them agree to the terms. They should but common sense is sadly lacking in this industry currently. Good luck.
Take a look at this site, it will let you search Freddie. I would also call your current.
I have seen the websites not be completely accurate. On your HELOC that isn't owned by Fannie/Freddie because they never played in that market. That could be depending on the 2nd lender a problem. If you get a new first and the 2nd lender doesn't agree to the new loan you can't get it. You must have them agree to the terms. They should but common sense is sadly lacking in this industry currently. Good luck.
- tcorp
- Contributions:26
Thanks! According to this site. My property is NOT owned by FannieMae.
So do I have any other avenues to modify my loan?
Tom
So do I have any other avenues to modify my loan?
Tom
- Eric Patterson, "Eric Patterson"
- Contributions:27
You can check to see if your loan is with Fannie Mae at this site. Currently Freddie Mac loans are not covered by the HARP program but hopefully this will change in the near future.
http://loanlookup.fanniem ... anlookup/
You will have to subordiante the second loan since the HARP program only covers first liens.
http://loanlookup.fanniem ... anlookup/
You will have to subordiante the second loan since the HARP program only covers first liens.
I recently was told about the HARP loans. How do I know if I qualify?
The criteria for qualifying for HARP loans includes:
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