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DaveMully.com Mortgage Blog

Up to 125% Fannie & Freddie Refinance Programs

March 4th, 2010 12:29 PM

If you are underwater or close to it, you should get a free evaluation of your mortgage situation. A good Loan officer can evaulate your specific situation in less than 10 minutes to see if you qualify for the Fannie & Freddie Refi programs allowing up to 125% Loan to Value. Call me if you would like a free evaluation 248.767.1950 or email info@davemully.com.

Thank you,

Dave Mully

Posted by Dave Mully on March 4th, 2010 12:29 PMPost a Comment (0)

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Home Underwater? Try these Mortgage Refi solutions..

March 4th, 2010 2:41 PM

As professionals we need to help our clients anyway that we can with homeowners we know of that are underwater..........

(Please feel free to use the below questions I put together to help your clients or I would be happy to give them a free evaluation)

As a Mortgage Loan Officer, I have been doing more & more of these type refinances for homeowners that have homes that are underwater. These type refinances are obviously picking up these days the more home values drop. Fortunately Fixed & Arm rates have stayed very low to assist these homeowners.

The Government calls these programs the "HARP Refinance program". Fannie calls their version "Fannie Mae Refi Plus" & Freddie calls theirs "Freddie Mac Relief program - Open Access".

These programs depending on the investor will allow up to a 125% Loan to Value (LTV).

Example of a max allowable 125% underwater home:

Current mortgage balance = $200,000

Current appraised home value = $160000

LTV = 125%

There are a few short steps I take when talking to a client, to determine if the homeowner is a candidate for the above programs:

- What mortgage interest rate & program are they currently on?

- Do they have a 1st & 2nd mortgage? Approx. balance(s)?

- Do they have an Escrow account or no Escrow account?

- Do they have PMI insurance on the current mortgage (they can send me their mortgage statement and I can determine)?

- What is their approx. FICO credit score (or I run a credit check)?

- Obtain the address & last 4 digits of their social security #.

- Use the "Look Up" tools Fannie & Freddie provide to determine if Fannie or Freddie owns their mortgage (by knowing the servicer of the mortgage does not determine this)? To see if your mortgage is Fannie owned: http://loanlookup.fanniemae.com/loanlookup/ . To see if your mortgage is a Freddie owned: https://ww3.freddiemac.com/corporate/

- In learning if the mortgage is Fannie or Freddie owned, it becomes very important in determining the rate & program they can get

- Use www.zillow.com website to determine approx value of their home or ask my appraiser for a prelim value check.

After I receive the answers to the above questions, I can quickly offer my recommendations on if a refi is worth pursuing or not.

If they do not qualify for the above, the next step would be applying for a "Loan Modification" from their current mortgage holder.

Please let me know if I can be of service in anyway.

Thank you--Dave

David C. Mully

Senior Mortgage Loan Officer

Midtown Financial Services

120 W. Main Street, Suite #206

Northville, MI 48167

Office: 248.465.6000 ext. 24

Cell: 248.767.1950

eFax: 815.550.1656

Email: dave@midtownfinancial.com

Website: www.davemully.com

Serving Homeowner's Mortgage needs since 1988

Posted by Dave Mully on March 4th, 2010 2:41 PMPost a Comment (0)

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