Until now, homeowners who are underwater and making their payments have had few options that actually work. Today's low rates are an excellent opportuntiy to save money, but for those who are underwater, there were few options. Those who have FHA loans could and probably should do and FHA streamline, but many homeowners have loans guaranteed by Fannie Mae or Freddie Mac. Now, there is a similar program for Fannie / Freddie Customers called HARP 2.0.
FHA Streamlines allow homeowners to refinance without an appraisal without the normal income documentation. This means that if you still have a job/steady income, even if it is less, you can probably still qualify. If you have one or fewer mortgage lates in the last 12 months, but you have other credit issues, chances are, you can still refinance. So even with being upside down and having credit or income issues, you probably still can qualify for a lower rate and payments, if you are on-time with your mortgage.
Now the same can be said for Fannie Mae and Freddie Mac loans. This program is effective in Mid-March and there is no telling how long it will last. If you want to know if your mortgage is a Fannie Mae or Freddie Mac loan, contact us and we will look it up for you.
More Information
Karl Holt, All Western Mortgage, 702-629-0716
Website kholt.myallwestern.com
Brent Wood, 702-629-9555, brentawood@hotmail.com
Information is for illustrative purposes only. Rates used are averages as of date written and are subject to change without notice. Taxes, Insurance and PMI are included and estimated based on typical cases. Details of rates, payments and fees should be provided by Lender within 3 days of application. Only a formal Good Faith Estimate provided by your Lender should be relied upon. Information does not constitute legal, tax, financial, investment or other professional advice. Consult your financial, legal,tax, real estate, investment or other professional before investing, refinancing, acquiring or selling property. https://karlholt.myallwestern.com/Short-Form.aspx
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