Question by schatziepupos: Is there a program for home owners who are now underwater on their mortgages?
I did a refinance on Our home with an appraisal of 235k now My home is only appraised at 153-165k.
Best answer:
Answer by Judy
The government can contact your current mortgage holder and see if something can be worked out.
You may be able to re-fi and they could cut down “forgive” “forbearance” of some of your amount.
It’s worth calling them.
It’s a free service by the feds – HUD.
http://makinghomeaffordable.gov/
Also try hopenow.com – its practically the same thing – just an older website
They may be easier to contact by phone since the first site is kind of new.
/
Give your answer to this question below!
Question by dancingshlee4285: How long after buying a home can you refinance?
My husband I just bought home in July 2008 for 87k. Our interest rate is at 6.25. With the mortgage rates falling because of the economy, this we would like to refinance to pay off some bills and to get a lower rate. We are first time home buyers and have a fixed 30 year FHA loan. Do we have to wait one whole year to finance or can we do it now?
Best answer:
Answer by Woody
Smart move. It depends on the fine print of your current loan. Does it have prepayment penalties or any other ugly clauses? I suggest you simply call your current lender and tell them you are thinking of doing and see what they say. They may even give you a break on document fees and closing costs to stay with them, although it may not matter with FHA.
I just built a new home, closed in Sept for 6.34% and refinanced with a different lender for 4.75% in April. Tip – you can fold the closing costs and doic fees into the new loan if you don’t want to lay out the cash. Your monthly payment will still be much lower.
Know better? Leave your own answer in the comments!
