Big News -- Refinance underwater properties
The lender\'s guideline came out today for the Refinance of Under Water properties. Here are the guidelines:
1)If your loan owned by Freddie Mac, you have to get them refnanced with the original lender(or we have to submit to the same lender for you).
2)If your loan owned by Fannie Mae, you can refi with any lenders.
3)The loan amount has to be lower than 417k(at this moment, will be expanded to 625k or 729k later on).
4)The loan to value can be 80% to 105%.
5)There are no hits for the Loan to Value. So you can get around 5.5%
for 45 day lock for 30 yr fixed; or 5.125% for 15 day lock for 30 yr
Check with your broker for the details.