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Refinancing a rental property with no equity

My current loan is 278,000, home value is around 265,000 and my current interest rate is 6.25%. It is a rental property, is there any chance to refinance?
  • January 22 2011 - Rochester Hills
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Answers (7)

I can't think of way aside from paying the loan down a whole bunch. Sorry.
  • January 22 2011
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Go to www.makinghomesafforable.gov. Then check to see if it's a Fannie Mae or Freddie Mac loan. If it is, then you have a shot. You will have to wade thru Fannie Mae or Freddie Mac's guidelines and possible overlays from the Lender. If you have more than 4 properties, then I'd suggest finding a Mortgage Lender (not a bank, as you may face too much overlays/restrictions). Best of luck.
  • January 22 2011
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If your current loan is a Fannie Mae loan, you may be able to refinance your current loan to 125% of teh current appraised value. As Mike said, their are some stipulations, but we have been refinancing these over the last year. If you currenly pay pmi, you may have to go through your current servicer. Also, when it comes to the HARP program, we have very few lender overlays.
  • January 23 2011
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Is your existing mortgage an FHA or conventional mortgage? If it is an FHA mortgage that was obtained when it was a primary residence, you'd be eligible for a streamline refinance.

If it is a conventional mortgage have you deteremined if it is owned by fannie mae or freddie mac? You may be eligible for a HARP refinance.

To check eligibillity you can use the loan lookup tool here.
http://www.makinghomeaffordable.gov/loan_lookup.html
  • January 23 2011
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This is true - if your loan is currently a Fannie, Freddie or FHA you should be able to refinance if everything else lines up. 

If in California, we can help. I personally just refinanced an investment home with a very similar situation. 

If not in California, we can help find you a full time mortgage professional. Be sure to work only with a full time person with at least 5 years experience. 


BOB Dalsimer, MBA, CDPE, ePro
[Contact info deleted by moderator]
  • January 24 2011
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  • January 24 2011
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This property is in Michigan
  • February 21 2011
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