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Is there ANY way I can refinance a non-FHA loan, that is underwater?!?

I bought my house in 05 with apr of 6.5%. I am currently underwater a little bit on what I owe and what its worth. House prices are rising in the area a little. It is a non-FHA loan from a credit union in Mass. I live in RI. I would really like to take advantage of the rates. Also, I am considering dropping the rate to get someone to rent the house, to build my own. My wife is not on the note and want to use her to get something with more land. Are there ANY options out there? I understand that HARP and HEMP programs are out there but, for FHA loans only. HELP!!
  • January 22 2013 - US
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  • January 24 2013
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Thanks for the links Travis. I know my mortgage is not backed. I've been to my lender and other banks trying to figure out my options. I've also asked my lender (a credit union) to sell my mortgage to a Freddie or Frannie so that I am qualified for these programs, and they won't. I know if I were at the same number of what I owe and tell them I think Its worth the same, don't they have to do an inhouse appraisal and I would know where I stand? Also, I heard that the HARP program might have some new amendments added to it. True or not true?
  • January 22 2013
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HARP has nothing to do with FHA loans.  If you are not FHA double check and see if you are a fit in the HARP refi program. I have put the two links to lookup your loan in their system to see if you are a match.  If you are then being upside down on your mortgage will not prevent you from getting a new loan at much better terms. 
Best of luck!

https://ww3.freddiemac.com/corporate/

https://www.knowyouroptions.com/loanlookup

  • January 22 2013
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It is difficult to impossible to refi any home for more loan than the home is worth, unless you add cash to offset the difference.
  • January 22 2013
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