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Replies (7)
- Mark Nehs, Wisconsin, "WI Mortgage Lender"
- Contributions:250
I can't think of way aside from paying the loan down a whole bunch. Sorry.
- Mike Bjork, "MortgagePlannerMike"
- Contributions:346
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.
- Mark Gelbman, "Mark Gelbman"
- Contributions:222
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.
- Thomas Hall, "Tennessee Loans"
- Contributions:381
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
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
- Robert Dalsimer, "bobinspira"
- Contributions:6
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]
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]
- thadlick
- Contributions:7
[Deleted for spam]
- kkkk23
- Contributions:4
This property is in Michigan
Refinancing a rental property with no equity
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