You can take advantage of refinance options when you’re underwater.
If you meet certain criteria, your underwater loan may be eligible for a refinance through the federal Home Affordable Refinance Program, or HARP. The program allows qualified borrowers to refinance a loan that is from 105 percent to as high as 125 percent of a home’s value.
However, not every underwater loan qualifies for HARP. First, you must not be on the road to foreclosure: Any delinquent payments in the past 12 months will automatically disqualify you from eligibility.
WMFA can help you find the lowest available mortgage rate.
Second, Fannie Mae or Freddie Mac must own the loan. Your ability to take advantage of HARP will depend on payment history and other factors including credit score, the structure of the current home financing, and specific lender guidelines.
There are also other programs you may qualify for. Call our office and make an appointment to discuss program(s) that you may qualify for. 5623-427-8877