The words “under water” have taken on new meaning as many homeowner’s who purchased a home in the last few years have experienced the value of their home dropping below the balance remaining on their mortgage.
There is good news with Fannie and Freddie, the government sponsored companies that buy and insure mortgages and provide liquidity so that new loans may be made. If your loan is held by either or the FHA (Federal Housing Administration), you may be able to refinance your property up to 105% of its current appraised value.
The possibility is that you may be able to get a lower interest rate or reduce your monthly payments. If you quality, you may even move from an adjustable rate to a fixed one. Owner occupied properties up to four units, including single family residences, condos and rental properties are all potentially eligible for this. [Bankrate.com]
To find out more about the eligibility, go to the government website here.
Wishing You Wealth in all its Greatest Forms,
Alex
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