Fannie Mae and Freddie Mac created refinance programs that just about anyone can qualify for through their existing lender (when you call your existing mortgage servicer, they will tell you if FNMA or FHLMC holds your loan).? These programs will reduce the monthly expense (owning is cheaper than renting), in many cases avoid the need of a strategic foreclosure or short sales. These programs will further reduce the inventory of homes for sale, which will exert more upward pressure on home pricing. At the end of the day it may be more sensible to lower the monthly payment and keep the home.
The Basic Details Are:
-No appraisal is needed, and there is no maximum loan-to-value.? For example, if your mortgage is $200,000 and your home value $75,000, you still qualify.
-There is no income qualification or verification needed and no maximum debt to income ratio.? For example, if you earn $2,500/month and your total monthly debts are $3,000/mo, you still qualify.? You do not have to show W-2?s, tax returns, pay stubs, etc.
-There is no minimum credit score, however you can only have had one 30-day mortgage late in the last 12 months and none in the last 6 months.
-Qualified are principal residences, second homes, and rental (investment properties).
-Costs can be included in the refinanced loan amount, in most cases.? There are limits on loans held by Freddie Mac (maximum financed costs are the lesser of 3% or $4,000).? So, you?ll likely want to choose a higher interest with lower up-front costs.? No cash out is allowed.
-You must be currently employed and have worked in the same line of work for the last 2 years.
Easy-qual. loans got us into this mess, and the government hopes that these refinance programs will help to get us out of it.? Interest rates are down around 4% for 30-year fixed loans and lower for 5/1 and 7/1 programs.? Some of my clients have gotten better rates on the 5/1 and 7/1 programs recently.
Source: http://phoenixrealestate411.com/mortgage-and-finance/refinancing-negative-equity-real-estate-loans/
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