Zillow Advice: Refinance - Can I refinance under Making Home Affordable Refinance with a different lender?

It is, as is the refund.

Wed, 08 Apr 2009 21:11:00 GMT

It is, as is the refund.

Thank you, so the amount ...

Wed, 08 Apr 2009 21:10:00 GMT

Thank you, so the amount 1.50% is mandated by the FHA? I havent actually closed yet...hoping to get this done soon.
Dave Brooks

dabrooks,FHA streamline UFMIP ...

Wed, 08 Apr 2009 20:59:00 GMT

dabrooks,

FHA streamline UFMIP should be 1.5% and depending on when you originally closed you should be getting a refund of the original MIP.

Fannie Mae is ...

Wed, 08 Apr 2009 20:48:00 GMT

Fannie Mae is WAY undervaluing the properties, so very few can qualify. My mortgage counselor said they've been getting complaints all day that Fannie Mae's home values are way under what homes are selling for. So I guess our government's plan is to say they will help us out, but not really! My mortgage counselor said she is going to call me back after checking what's going on. She said the value Bank of America has for my home is $30,000 more than Fannie Mae's and we would more than qualify, by their standards. I am so frustrated with our government's games! Heads up to any out there looking to refi or modify--don't get your hopes up too much:( I'll keep you posted as to the outcome.

I am going through the FHA ...

Wed, 08 Apr 2009 20:40:00 GMT

I am going through the FHA refi process right now for my mortgage in MA. Â I am quite surprised to learn about the upfront FHA MIP fees, which my current mortgage provider has quoted at 1.75% of the loan value. Â This is very expensive and I cant seem to find much on the web decribing this MIP fee and any guidelines. Â I called the FHA toll-free number and was told that there are no guidelines as to what the mortgage lender (in my case Countrywide) can charge for MIP. THis just doesnt make sense to me because it is my understanding the FHA MIP upfront fee is sent to the FHA, so how could guidelines for setting this fee be up to the mortgage lender? Â I saw on a FHA site that MIP fees shoudl be 1.50% however this site appeared to be very outdated (found it on the the FHA wiki).
Any help on this would be greatly appreciated because as of right now the upfront FHA MIP is about $4,500, which is a huge chunk of change!

With Fannie Mae loans, yes, but ...

Wed, 08 Apr 2009 20:19:00 GMT

With Fannie Mae loans, yes, but there are some exeptions worth noting. For instance, if you need to remove a borrower on the current loan (due to death or divorce) you're stuck with your original lender. The borrowers can't change if you use a different lender.

For Freddie Mac loans I think you're stuck with your current lender as the first post stated, despite the following answers that didn't clarify this point.

BTW Zillow, it would sure be nice to have subforum just for the MHA discussions.

Absolutely! Many lenders ...

Wed, 08 Apr 2009 20:00:00 GMT

Absolutely! Many lenders are overwhelmed right now with the number of loan refinance applicantions. Be sure to select a lender who is familiar with the programs, and who is able to provide the service you deserve. If you're in California, it would be my pleasure to assist you.

Simple Answer - Yes! Any ...

Tue, 07 Apr 2009 18:30:00 GMT

Simple Answer - Yes! Any Broker/Bank/Lender is able to refinance your loan under the new Home Affordable Refi. If in Florida, I'd be happy to assist you. If not, contact me for a reputable Broker in your area.

Of course we're still waiting ...

Tue, 31 Mar 2009 08:12:00 GMT

Of course we're still waiting for the PMI companies to play ball...

For Fannie Mae backed loans, ...

Mon, 30 Mar 2009 22:35:00 GMT

For Fannie Mae backed loans, you can use any lender who uses Fannie's Desktop Underwriter for underwriting. This means you don't have to go through your current servicer. Here is Fannie's definition of a servicer.
Find out if you have a Fannie Mae-backed mortgage.

For Freddie Mac backed loans, the loan has to be refinanced by the same company that currently services your loan, or an affiliate of that company.
Find out if you have a Freddie Mac-backed mortgage.

The government has created a Making Home Affordable Web site that can help lead you through a series of questions to see if you're eligible for the Home Affordable Refinance option or the Home Affordable Modification option.