Upside Down Mortgage Refinance
For the first time in history lenders are offering upsidedown mortgage loans to people who need underwater loan refinancing. In the last five years, millions of homeowners have suffered from negative equity that has made refinancing impossible until now. Fannie Mae and Freddie Mac worked diligently to create a program to facilitate an upside down mortgage refinance for distressed homeowners that have been sabotaged by deteriorating market conditions. They announced the Home Affordable Refinance Program that is often referred to as "HARP 2.0." Get a no cost refinance quote from one of our HARP lenders now.
If you have an "upside down mortgage" you may be eligible for the HARP loan, but your current lien must be owned by Fannie Mae or Freddie Mac. These government sponsored entities own about 90% of the home loans that have closed in the last 10 years, so there is a good chance you may be eligible. There are a few other underwater mortgage refinance alternatives if you do not meet the HARP profile. The streamline program also approves upside down refinance loans to customers that already have an FHA or a VA loan.
Find Fixed Underwater Mortgage Rates
Get a no cost loan quote today for an underwater mortgage with a low fixed interest rate. Many of our customers have recently closed an upside mortgage refinance with competitive fixed rates. Shop lenders that provide no lender fee options as well, so discuss your goals with one of our reps today. Nationwide Mortgages delivers the negative equity solutions for distressed homeowners across America.
Underwater Mortgage Refinance Highlights
- No LTV Limits or Restrictions with the HARP Mortgage FHA Loan Amounts range from $271,000 to $700,000 (based on HUD high cost limits in county)
- No Cost Options
- Cash Back Not Allowed on the Upside Down Mortgage
- DTI Limits range from 36- 43%depending on program
- Documentation - Full or Limited with Streamline
- Streamline and HARP mortgage rates are competitive with conforming interest rates.
- Processing times range from 2 to 4 weeks!