Upside Down Refinance Options

HOW TO REFINANCE IF YOU ARE UPSIDE DOWN It is no secret home values across the Country have decreased in recent years. Traditional mortgage guidelines prohibit a homeowner from refinancing if they do not have a specific amount of equity in their home. Jeremy and PrimeLending have access to special government backed mortgage programs that allow qualified and eligible homeowners that may not have equity in their homes to refinance and take advantage of today’s historically low mortgage interest rates. Not every homeowner will be eligible and not every homeowner will qualify for these programs. Here are a few of the programs Jeremy can utilize to help you lower your rate and your payment: HARP/HARP 2: This program is for homeowners that have a Conventional loan but do not have 20% equity in their homes. Here are a few key guidelines: • Homeowner’s current loan must be serviced by either Fannie Mae OR Freddie Mac   Does Fannie Mae service your loan? Click here to find out: http://www.fanniemae.com/loanlookup/   Does Freddie Mac service your loan? Click here to find out: https://www.freddiemac.com/corporate/ • Loan must have been sold to Fannie Mae OR Freddie Mac prior to May 31, 2009 FHA STREAMLINE: This program is for homeowners that have an FHA Mortgage. Key guidelines for loan approval include: • Homeowner must have been in their FHA mortgage for at least 6 months • Homeowner must lower their mortgage payment by at least 5% to qualify • Homeowner must have a credit score of at least 640 • Homeowner must not have any 30 day (or greater) late mortgage payments in the past 12 months • No appraisal required • No income verification required VA INTEREST RATE REDUCTION (IRRL) AKA - STREAMLINE: This program is for homeowners that have an VA Mortgage. Key guidelines for loan approval include: • Homeowner must have been in their VA mortgage for at least 3 to 6 months (depending on who   their current mortgage is with) • Homeowner must have a credit score of at least 620 if they are currently with Wells Fargo and a 660   if they are with Chase • Homeowner must not have any 30 day (or greater) late mortgage payments in the past 12 months • If we sell the new refinanced VA loan to the same company that the homeowner is currently with   after we close it no appraisal is required (we sell to Wells Fargo and Chase) • No income verification required There are more guidelines for each of the options listed. Contact Graham Parham today for more information on how he can help you refinance today even if you do not have equity in your home. There are options available and Graham has access to the tools that can help you – 469-737-5528