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I went to FinancialStability.gov and my answer was yes to all the questions.
The next step is to contact the lender to see if we qualify. Does anyone know what the additional qualifications are?
We are not in financial trouble but we can not refinance without having to pay PMI.
TIA
I'm not on my work PC, but if you are a Fannie or Freddie loan and.......
You do not currently have PMI on your home (and that included the Lender Funded PMI where it was added into the rate.
Your loan is not an ARM w/ less than a 5 year initial fixed period.
Your loan is not an interest only loan.
Your payment history has been "strong."
You still must be able to qualify. There will be reduced documentation (one paystub for W2 employees, 1 year tax return for self employed). If your loan is serviced by one of the big banks, I recommend you go to another lender, only because they are backed up badly. Any DU lender should be able to help you.....I recommend a lender that can approve and close the loan on their own. They may not keep it, but you don't want to get caught up in that mess.
I want to know why if you have PMI on your loan that excludes you....why!?!
It doesn't. You can refi under the making homes affordable plan right now. If you have PMI you need to do it through your current servicer. You will get to take advantage of today's low rates and your PMI will stay in place.
It doesn't. You can refi under the making homes affordable plan right now. If you have PMI you need to do it through your current servicer. You will get to take advantage of today's low rates and your PMI will stay in place.
Really? I never hear that. I have to wait for the new obama plan to go through because I am about 142% LTV.
The new HARP program rules wont get announced until Nov 15 but from what I read, I already qualify. My loan to value ratio exceeds 125%, my loan is Fannie Mae/Freddie Mac, there is no 2nd mortgage, and I have an excellent payment history (did not strategically default as recommended by some mortgage experts).
The lenders will have to iron out any other requirements they may ask from you though...so I will be waiting to see what my lender will say after 11/15 but most likely I will refinance because my interest rate is 6% and I really wanted to refi for a lower rate, and wasnt able to because I am almost 55% underwater...
The new HARP program rules wont get announced until Nov 15 but from what I read, I already qualify. My loan to value ratio exceeds 125%, my loan is Fannie Mae/Freddie Mac, there is no 2nd mortgage, and I have an excellent payment history (did not strategically default as recommended by some mortgage experts).
The lenders will have to iron out any other requirements they may ask from you though...so I will be waiting to see what my lender will say after 11/15 but most likely I will refinance because my interest rate is 6% and I really wanted to refi for a lower rate, and wasnt able to because I am almost 55% underwater...
good luck....this should help alot of people if done right and the banks dont **** it up.
I am at 6 3/8
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