Investment Mortgage Guy » Loan Modification

Refinancing Your Investment Property with DU Refi Plus

admin — Wed, 02 Dec 2009 04:53:47 +0000

Many investors have contacted me with the drop in interest rates to see if I can help them refinance their investment property. Unfortunately for most, the equity position in their property is too negative for me too help. Fannie Mae however, has implemented a program called DU Refi Plus to try and help the real estate investor take advantage of these lower rates through refinancing. If your loan is currently backed by Fannie Mae, (to find out if your loan is backed by Fannie Mae Click Here) my firm will go up to a 95% Loan to current value and refinance your loan without any mortgage insurance.

Here are some of the stipulations and highlights:

* No Mortgage lates in the last 12 months.

* No limit on the number of financed properties you currently have – This is really nice!

* Your current mortgage cannot have mortgage insurance on it or you have to contact your current servicer for the refinance.

To get a quick estimate of your property’s current value, I like to go to www.zillow.com

This program will benefit only a small handful of the investors out there looking for low long-term rates, however, maybe your one of the lucky ones who will fit.

For an analysis of your property, please give me a call at 651-485-3710.

Fannie Mae Now Offers Refinancing on Investment Property to 105% LTV

admin — Thu, 16 Apr 2009 15:00:11 +0000

Beginning April 4th, 2009, Fannie Mae is allowing borrowers who currently have a Fannie Mae backed mortgage to refinance their investment property even if there is no equity in their property. This is great news! Especially if you have a current adjustable rate mortgage and you want to get it locked at a great low rate. Here are some of the program highlights:

* 1 to 4 Units

* Rate and Term refinanced only. (No Cash out)

* Your loan must currently be backed by Fannie Mae (Contact your servicer or go to Fannie Mae’s website)

* Fixed 15 years or 30 years are available

* If your loan currently has mortgage insurance, it has to be originated though your current servicer.

* Income requirements: One Pay stub (if W-2 employee) or One Years Tax Returns (If Self Employed)

* No limit on the number of mortgages you currently have

* No mortgage lates for the last 12 months

Some tips -

You can’t be upside down on your property. (You owe more than the property is worth)

If you need help determining if you qualify for this program, please fill out an application on line at

Check Here to See if You Fit the Obama Plan

I continue to be impressed by the government and their desire to try new things to help our economy.

Happy Investing!

Rob Bonahoom

Mortgage Coach

Do I Qualify for Obama’s New Loan Modification Program?

admin — Thu, 05 Mar 2009 05:04:09 +0000

On March 4, the Obama administration released an outline of what they are calling the “The Making Home Affordable Program.” There are two parts to this plan. First, if you are current on your mortgage and have good credit, stable income and your loan is currently back by Fannie Mae or Freddie Mac, you will be able refinance your mortgage (no cash out allowed) with a new mortgage at current mortgage rates without any equity in your home. (As high as 105% of the value of your home) Secondly, if your income has recently dropped, your interest rate recently increased or you have suffered a hardship that has increased your expenses (like medical bills), you may qualify for a loan modification. In this case, your loan servicer will review your income and can lower your interest rate as low as 2% and/or lower your pricinple balance to get your payment to 31% of your current gross income. All plans are designed to help owner occupied properties only.

I really like this new outline and I believe it will encourage banks to finally standardize their processes which should really help a lot of people save their home. Right now, participation by banks in this program is not mandatory but highly encouraged unless the lender received or is going to be receiving bailout funds from the government. (Then they have to participate)

To get a complete outline of the plan, you can view the website at: Obama’s New Mortgage Plan

If you have further questions about your personal situation, you can call us at 952-808-2820 and as we start to learn which lenders are offering what, we will be happy to let you know.

Rob Bonahoom

Mortgage Coach