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what type of loan can a person get if they owe more on there home then it is worth?

  • August 10 2011 - Sacramento
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Answers (5)

If you have an FHA or VA loan it doesn't matter how much you are upside down. What type of loan do you have?
  • August 10 2011
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Your loan must be held by Fannie Mae or Freddie Mac to qualify, and you must be current. That means many people don't qualify, and some of those who might qualify don't want to pay on a loan that is 25% more than the value of their home.
  • August 10 2011
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I believe that Linda's statement is incorrect and that TC is right. HARP may be an option. As long as you qualify, you can refi up to 125% of your value if your credit is good and your payment will drop after the refi. There is information here and here. HARP has no negative effect on your credit and you do not need a hardship to qualify.

You can also call your lender and see what programs they have available. If you don't ask, you won't know. How far underwater do you think that you are?
  • August 10 2011
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Sad to say, none.  However, some banks are now doing the principal reduction but you will need to call your lender directly and see if they have that program.  Hope this helps.
  • August 10 2011
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You can only get a loan through the HARP program (assuming you don't want to bring the difference in cash).  If your loan is with BofA get in contact with me.   Otherwise, go directly to your lender or try a correspondant lender.   Guaranteed Rate is a good correspondant lender.  Let me know if you'd like an introduction.

  • August 10 2011
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