Upside Down Refinance Options

Refi with No Equity – AZ

While Arizona have increased in recent years, some homeowners may find themselves upside down.  The HOUSE Team has access to mortgage programs that allow eligible upside down homeowners to refinance and at today’s historically low mortgage interest rates.

Below are 3 of the primary programs The HOUSE can use utilize to help you lower your mortgage rate and your payment.

FHA Streamline

This program is for homeowners that currently have an FHA Mortgage.  Key guidelines for loan approval include:

  • Homeowner must have been in their FHA mortgage for at least 6 months
  • Homeowner must lower their mortgage payment by at least 5% to qualify
  • No appraisal required
  • No income verification required

Click here for more.

VA Streamline

This program is for homeowners that have an VA Mortgage.  Key guidelines for loan approval include:

  • Homeowner must have been in their VA mortgage for at least 3 to 6 months (depending on who their current mortgage is with)
  • Homeowner must have a credit score of at least 620 if they are currently with Wells Fargo and a 660 if they are with Chase
  • Homeowner must not have any 30 day (or greater) late mortgage payments in the past 12 months
  • If we sell the new refinanced VA loan to the same company that the homeowner is currently with after we close it no appraisal is required (we sell to Wells Fargo and Chase)
  • No income verification required

Click here for more.

HARP/HARP 2

This program is for homeowners that have a Conventional loan but do not have 20% equity in their homes. Here are a few key guidelines:

  • Homeowner’s current loan must be serviced by either Fannie Mae OR Freddie Mac
    Does Fannie Mae service your loan? Click here  
    Does Freddie Mac service your loan? Click here 
  • Loan must have been sold to Fannie Mae OR Freddie Mac prior to May 31, 2009

There are more guidelines for each of the options listed. Contact The HOUSE Team for more information on how he can help you refinance today even if you do not have equity in your home. There are options available and The HOUSE Team has access to the tools that can help you.

Team Phone:  602.435.2149
Team Email:  Team@JeremyHouse.com