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what programs are available to refinance mortgages on secondary residences?

This was my primary residence from May 2007 to November 2008.  I changed jobs and had to move out of state.  I'm trying to sell the home and currently have it rented.  Need to refinance at a lower interest rate to make the payment more affordable for the long-term (not sure how long it will take to sell given the current economy).
  • March 13 2009 - Hoover
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Answers (4)

As far as programs you have conforming fannie mae./freddie mac and others. At the end the property must qualify under loan guidelines based on investment guidelines. If the property is listed most banks will not de a new loan on it based on the risk of the property being sold and the bank not making any money or in a likelihood of being abandoned. However there are a few banks that will do the loan with 1 day not being listed. If you truly do not want to keep the property I recommend to simply sell it and move on.
  • March 13 2009
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If the house is currently listed for sale, you will not be able to refinance it.
  • March 13 2009
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You also have the option of seller financing the home by a contract for deed transaction or turn it over to a management company in the homes area and let them deal with it.

  • March 13 2009
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Conventional loans
  • March 13 2009
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