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New Refinance Program for Mortgages with High Loan-to-Value

Interest rates are low, but some homeowners still find themselves stuck with old mortgages due to their high loan-to-value ratios or other qualification issues. The Federal Housing Finance Administration made a big announcement last week that will help if you’re in this situation. Here’s a quick overview of this offering.

About the New Refinance Program for Mortgages with High Loan-to-Value Ratios

Fannie Mae and Freddie Mac will be implementing a new finance program specifically designed for mortgages with high loan-to-value ratios. This will allow a larger group of homeowners to refinance and take advantage of today’s low interest rates. This new program will include the following features:

  • No maximum loan-to-value ratio.
  • No minimum credit score required.
  • Appraisals not required in most cases.
  • No eligibility cut-off dates.

Program Restrictions

There are a few requirements and restrictions that will apply.

  • HARP loans do not qualify (unless they are first refinanced into a traditional government sponsored enterprise loan).
  • Homeowners must be current on their mortgage payments.
  • No payments must be missed in the previous 6 month timeframe.
  • No more than one payment must be missed in the past 12 month payment period.
  • Borrowers must have a source of income.
  • The refinance must offer some type of benefit (such as a lower monthly mortgage payment).

Taking Advantage of this Program

Unfortunately, this refinance program for mortgages with high loan-to-value ratios will not begin until October 2017. If you are looking to refinance before this date, please contact me at 978-376-5389.  I will take a look at your loan and personal situation to identify other programs for which you may qualify.

About Chris Graves

I grew up in Massachusetts, spent the majority of my young adult life in Boston, and own a home in Windham NH. I have owned properties in MA and NH. I specialize in mortgage lending in Massachusetts and New Hampshire and my company does have the ability to lend in other states. I graduated from the University of Massachusetts in Amherst Massachusetts in 2002. I have a Bachelor’s in Science. In addition to managing a team of loan officers my personal loan production is always in the top of the entire of company. I have personally been in the mortgage business for over 13 years. I pride myself with taking my clients from application to close in the smoothest and quickest way possible, while keeping them well informed during the entire process. I originate my own loans from start to finish and work hand in hand with my loan processors & underwriters to make sure I am updated to the minute with all of my files. I stay up to date with lending guidelines and speak with underwriters on a daily basis to ensure I am aware of all of the lending guidelines in place.

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