Mortgage Blog On Georgia Financing

The question is,  can this be true? Is there a loan program that allows you to refinance when you owe as much as your home is worth?

The biggest fustration i hear day after day is that homeowers can't refinance:  " I  pay my mortgage on time and all i want is a lower payment and take advantage of the low interest rates" 

Refinance Plus Program

So the answer is: Yes and No. Yes there are programs that will allow you to refinance up to 125% of your appraised value, but your loan must be owned by either through Fannie Mae or Freddie Mac. Just because you pay your mortgage payments to say Wells or Bank of America doesn't mean that your mortgage is not owned by the Big two Agencies. The big banks can be servicers for the agencies so you might be able to refinance.

To check if your mortgage is held with either agency - Go to both of these sites :

Fannie Mae Look up

Freddie Mac "My Mortgage"

If you are eligible,  print the page out that says that your mortgage is agency owned.

A few things on getting a refinance:

You must be current on your mortgage and do not have a second mortgage on it that you took out after your bought your home. If you include the second mortgage and it is above the 125% - you will not qualify.

Also the second mortgage lender must grant you a subordination. In most  cases,  they do not want your mortgage balance to change at all. In otherwords,  you must do a No closing costs loan or pay out of your pocket for the closing and escrow.

If you have an FHA loan and you have been paying on time in the past year, yes .you can refinance under the FHA streamline program. No appraisal or income is required, but your credit score needs to be at least 620 or more. Call us at 770-499-8600 for more details.  

Refinance Options.  

Contact us at: 404-814-4634 Ext 706 for more Information.