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Posted on Mar 4, 2013 in FHA Information

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Question by irobot: Refinancing under water mortgage?
I am like millions of homeowners who are under water on their mortgage. I have been trying to get refinanced to take advantage of the lower rates. My current Loan/Value ratio is 107%, site which I am willing to pay down to 105%. I have been current on all my mortgage payments & have excellent credit history/scores. Based on this, see I was confident to get refinancing. But I got rejected because my original loan had mortgage insurance.

A friend told me about this program called HARP ( I checked the eligibility criteria and it tells me that I do qualify to get refinancing – 1) My loan is owned by Freddie; 2) My house is our primary residence; 3) I am current on the payments; 4) 1st mortgage is below 125% of home value; 5) I have sufficient income & excellent credit.

I would be grateful if you could share your experiences / advice please. Is there a real clause in the rules regarding mortgage insurance on 1st mortgage?

Best answer:

Answer by linkus86
I can’t share an experience but you may want to hold off on the plan as Obama is actively trying to allow underwater borrowers like yourself to refinance with a government insured loan and being able to forgive 10% of the loan.

Know better? Leave your own answer in the comments!

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Question by chck: When did congress reduce the criteria to obtain a federally guaranteed mortgage?
For example: Home loan borrowers may not be required to show their ability to repay the loan, cost their credit history may be poor and they may not have to prove they have sufficient income to repay the mortgage loan.

Best answer:

Answer by Anjell
Who said they reduced it? If anything they’ve increased the requirement, price in particular credit and income requirements.

What do you think? Answer below!
FHA Plays Vital Role for American Homeowners, stuff REALTORS Testify
“FHA helped fill the void over the past five years after private lending fled the market by providing safe, affordable access to mortgage credit to millions of Americans who wanted to purchase a home,” says Thomas. “Had FHA not stepped in to fill the …
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