If you’re in over your head with your housing and aren’t eligible to refinance, you might think you’re at a loss. You’re probably worried about losing your home and may think about HARP, the refinance program that helped homeowners that were underwater.
While HARP isn’t around any longer, there are ways to help people in your situation.
The Fannie Mae High LTV refinance replaced HARP to help homeowners with a Fannie Mae loan who had a loan-to-value ratio over 97%. Typically borrowers with a high LTV cannot refinance, but with this program, you can.
To qualify, you must not have any 30 day late payments in the last 6 months, and no more than one 30-day late payment in the last 12 months. There aren’t any credit score or debt ratio requirements, and as long as you have a timely payment history, you can use the program as often as necessary.
A high LTV refinance is best for borrowers who have great credit, but just want to take advantage of lowering their payments. If you can’t refinance because your home value fell and still hasn’t increased, the high LTV refinance may help.
It’s not for borrowers who are behind and cannot catch up, though. It’s meant to be a program to reward those with good credit and timely payments, helping them secure a lower payment.
Another nice benefit of the high LTV refinance is there isn’t a limit to the number of times you can use it. HARP was only eligible one time – borrowers can use the high LTV refinance as many times as they deem necessary.
To qualify for the Fannie Mae high LTV refinance, you must have a Fannie Mae loan currently. If you aren’t sure if you do, our mortgage professionals can help you determine if you do or not.
If you don’t have a Fannie Mae loan, we can help you figure out other options to make your mortgage more affordable.
If you don’t qualify for a high LTV refinance, you may have other options. Our mortgage professionals can walk you through your choices including a loan modification or even a special repayment arrangement.
You never know what your lender will allow until you ask. If you’re having trouble making your payments, lenders want to help you – they don’t want to see you lose your home. Talk to them about what’s going on and how you can fix the situation.
Priva Mortgage is here to help you with your refinancing needs. If you have a high LTV, we’ll help you determine if you qualify for a high LTV refinance.
If not, we’ll help you explore other options so you are able to get ahead of your loan and make the most of the investment in your home.
