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Why we don't qualify?

Our current mortgage is a 30 year interest only at 7% loan. We owe about $285k and the house estimate value is $286k. we have a credit score over 780.  How can refinance the home to a lower rate mortgage? We want to take advantage of the lower rate. Regarding Countrywide (BofA) , It seems that we don't qualify for any of the current plan to help home owners. Thanks,

  • March 17 2009 - Phoenixville
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Answers (1)

Best Answer

After the April 4th weekend, you can refinance your mortgage undre the president's new initiative. Basically, you can do a rate/term refinance up to 105% of the value of the home. Best part is if you currently do not pay PMI, you will not have to pay PMI under the new mortgage. If you are paying PMI now, then you will have to pay PMI on the new mortgage. You must have a Fannie Mae or Freedie Mac loan in order to qualify.

To find out of you have a Fannie Mae loan, call 1-800-7FANNIE (8am to 8pm EST) or go online at http://www.fanniemae.com/homepath/homeaffordable.jhtml.

To find out if you have a Freddie Mac loan, call 1-800-FREDDIE (8am to 8pm EST) or go online at https://ww3.freddiemac.com/corporate.
  • March 17 2009
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