When can I refinance

[bnrbnsn]

Got the HAMP in Feb. 2011. @4.125 then 4.75 in 6th. year. When can I go for a Fannie refinance to the historic lows below 3.75- 4.0 rates. They will finance 125%. No missed payments ever. I know I will call fannie but dos any one have some feed back. Do I have to wait a year?

[Cat Damiano]

HI bnrbnsn,


If you are referring to the HARP refinance which is the Fannie Mae/Freddie Mac refinance for underwater properties, you will have to see if you would be eligible since you received a HAMP modification. There would also be typical lender based refinance fees associated with the HARP refinance. And if the reduction in rate is not at least 1 percent up front, the savings may be minimal versus the cost of the refi.

Please do update us once you contact Fannie Mae or your lender to inquire.




https://www.efanniemae.com/sf/mha/mharefi/

https://www.efanniemae.com/sf/mha/mh...inancefaqs.pdf



You may be eligible if:

• ​You are the owner-occupant of a one- to four-unit home.
• The loan on your property is owned or guaranteed by Fannie Mae or Freddie Mac (See "How do I know if my loan is owned or has been guaranteed by Fannie Mae or Freddie Mac?").
• At the time you apply, you are current on your mortgage payments ("Current" generally means that you have not been more than 30 days late on your mortgage payment in the last 12 months; or, if you have had the loan for less than 12 months, you have never missed a payment).
• The amount you owe on your first lien mortgage does not exceed 125% of the current market value of your property.
• You have a reasonable ability to pay the new mortgage payments.
• The refinance improves the long term affordability or stability of your loan. (See "Will refinancing lower my payments? How might HARP benefit me?")

The refinanced loans must have no prepayment penalties or balloon payments.