October 25th, 2012 4:11 PM by Gregg Mower
Did you know if you have an investment property that may be underwater (or you owe more than it is worth) that you can still refinance those properties. A little known fact that HARP is available for loans that are securitized by Fannie Mae or Freddie Mac that are investment properties. Most people think that HARP is for owner occupied home owners only. This simply is not true, you can be upsidedown on your investment property and still have the ability to refinance to historically low interest rates. At MAE Capital Mortgage we strive to help all home owners to lower their interest rates and with investment properties we will increase your income by refinancing to a lower payment. With the HARP program you might even get an appraisal waiver which would mean that we could do the loan with no appraisal. This would benefit you, the investment home owner, from not only the fee but if the system thinks you might still have some equity in the home it will give you a better interest rate.
Some things to consider when looking to do an investment property HARP loan would be to look for when you actually purchased that house as the rule is that is should have been purchased buy FNMA prior to May 31 2009. We will go to a FNMA or FHLMC site to determine the eligibility of qualifying for the HARP loan. We will then gather the information we need from you to process the loan then run an automated approval to see if we get the property waiver (which means no appraisal required) then see if you are approved to do the loan through HARP or maybe even a standard Refinance loan will work based on our value estimate. Remember that the Real Estate market has changed and in most places price have solidified or have gone up, this is one of the analysis we do for you to determine how to price your loan. It is our job to find the best program for your needs and sometimes it does not end up with the one you thought it would be. All Refinance transactions are different and have to be viewed as such. At MAE Capital Mortgage Inc. our Loan Officers are trained to do this for all of their clients as it can end up saving them thousands of dollars and since we live on referrals we want all of clients to be happy.
HARP or Home Affordable Refinance Program was designed by the current administration to help all home owners who’s loans are secured by FNMA or FHLMC. There are pricing hits for nonowner loans but still if you have been held back from refinancing simply because you think your investment property is underwater or greater than 80% Loan to Value you have been wrong. Here at MAE Capital Mortgage Inc. we are here to help call us today toll free at 855-623-2271 or click here and fill out a quick questionnaire and we will be touch to help you through the interesting road of home financing.