It’s finally here. No matter how underwater your mortgage is you may be able to refinance to today’s low rates.
You current loan must meet certain criteria. Here are some of the highlights.
- There in no maximum Loan To Value.
- There is no Income Requirement
- There is no Asset Requirement
- Primary Residence, Second Home and Investment properties are eligible.
What’s the catch?
You may be eligible if:
- Your current loan is owned by Fannie Mae. Call or email us your address and we’ll look it up for you.
- Your current Fannie Mae loan closed prior to June 1, 2009.
- Your credit score is at least 620
- There is a reserve requirement if your property is a Second Home or Investment Property.
What about Mortgage Insurance?
- If you do not have mortgage insurance on your current loan, you will not have it on the new loan.
- If you have mortgage insurance now, it will continue with your new loan.