Question by casdmg: What are my mortgage refinance options?
I was hoping to do the Govt back refinance options that allows you to do 105% or greater but that is out of the question because my loan is not owned by Freddie or Fannie. I can’t do a standard refinance because I no longer have 80% equity in my home.
We have never missed payment, etc etc. We merely wanted to take advantage of the better rates that are available now.
Answer by Not I
Your only option is to come up with the cash.
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Go to InMyAlley.com they have a great e-book that I read for direction with finance. hope this helps
Your loan does not have to be owned by Freddie or Fannie to do the government refinance program. It only has to be GUARANTEED by one of them. To find out call your mortgage lender or servicer (the organization to whom you make your monthly mortgage payments) and ask.
The other option is to call Fannie Mae at 1-800-7FANNIE and Freddie Mac at 1-800-FREDDIE or visit their web sites at http://www.fanniemae.com/loanlookup and http://www.freddiemac.com/mymortgage. Enter your information to determine if either guaranteed your mortgage loan.
To find out more about the government program read the attached article.
If you no longer have 80% equity in your home, conventional refinancing is no longer a viable option for you.
You may however be able to convert to a FHA refinance at up to 96.5% Loan-to-Value.