Profile picture for skip0614

where do you go to refi if your current loan is not fannie may or the other & you are at 105%

We have EXCELLENT credit have NEVER been late on our mortgage or ANY other loan we have, but we have a loan with like 7.5% and we are like millions of other where our home value has dropped so we need something close to 105% loan to value like what the government is offering BUT our current loan is not through fannie may or freddie mack so we don't qualify for their program, is the government going to come out with something else for US? Is there anything else I can do?
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June 25 2009 - Sandy
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Answers (8)

There are a couple of new loan options called "short refinances" that could be helpful.  There is even an FHA Short Refinance program starting in the next month that would be helpful.  Those would be my suggestions and that is what I have been talking with people about in your situation here in UTAH.  It's at least a possibility worth exploring.
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August 18 2010
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Just curious...

What is an "agent" (BrandonMo) doing soliciting info on a person who wants refi information? Not that it would be any less of a violation of Zillow policy if he/she were a lender/broker, but an "agent"?
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July 01 2009
Good News:  New program went into effect today that increases the 105% to 125%.
 
Bad News: I will take a while before lenders will offer it.

Hang in there! .... Happy funding, Rudi Hofmann
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July 01 2009
You could stay where you are and not refinance. It hard for me to imagine why you have 7.5% and need to refinance now of all times. If you have an FHA loan, Lynda gave good advice. You can also ask the the current note holder to modify the loan rate internally.
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July 01 2009
There are some Freddie mac programs available also. You can find out if your loan is Freddie mac below.

https://ww3.freddiemac.com/corporate/

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July 01 2009
Stop spamming and get back to processing Brandon Mo. The loan officers are waiting on you.



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June 25 2009
We can certainly look into this in detail. [content removed by moderator for being self-promotional]

Regards,

Brandon.
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June 25 2009
FHA streamline information

If you currently have a FHA or VA loan you can do what is called a streamline loan with no appraisal.  However, you cannot exceed your original loan amount and may have to pay some closing cost fees out of pocket unless your mortgage consultant can offer you a no points/no closing fee option.

The site listed above has lots of useful information and plenty of people who may be able to assist you.

Good luck.
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June 25 2009
 
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