No Equity? Need to Refinance?
Try our Homeowner Affordability and Stability Mortgage plan.
It is a financial plan sponsored by the government to help millions of Americans to refinance or restructure their Fannie Mae mortgage in order to avoid foreclosure and losing their homes. It is primarily to help the following people:
- Homeowners who are current in their mortgage payments but can’t refinance because of lower house value.
- ARM Mortgages, Pay Option, Pick a Pay, Interest only or just high rate first mortgages.
- Workers who have been laid off or reduced hours and are having a hard time making mortgage payments.
Can You Get a Refinance Loan with No Equity?
The answer is yes you can, We have a programs that allows homeowners who are:
Current on your mortgage payments. Mortgage is more than 80% of the house value but less than 105% of the house value.
Conforming loan with Freddie Mac or Fannie Mae.
Can’t refinance to take advantage of lower rates.
Sufficient income to make new lower mortgage payments.
if there is a Second mortgage, they must be willing to subordinate
NEW! - Appraisal waiver is acceptable ( that means no appraisal might be needed) call 800.772.1193 and press #1 for more information.
This plan will allow you to refinance your mortgage into a 15 year or 30 year fixed mortgage at a lower interest rate to make the monthly payments more affordable. The purpose of refinancing the mortgage is to lower the monthly payments. This can also applies if you have second mortgage on the house.However the second mortgage holder must agree to subordinate.
My mortgage payment keeps rising and I can’t afford it anymore!
The stability aspect to this plan will help homeowners who are facing rising mortgage payments due to resetting rates to keep their homes. If you are homeowner who is current on their mortgage but about to default on the payments then the following might apply:
- Reduced monthly mortgage payments.
- The monthly payments will be lowered so they are no more than 31% of income.
- This reduction will apply for 5 years after which the rates will gradually return to the original level.
- Up to $1,000 per year for 5 years in loan reduction paid for by the government if the mortgage stays current.
- No cash out / Rate and Term only.
- Second Mortgage Companies must be willing to subordinate
When does the refinance plan start?
We currently have it available today
How do I know If have a FNMA Loan?
Find out if your home qualifies - click here. If it does, please print the page and send it to us with all your documents.
What kind of credit score do we need to refinance for this program?
Lower credit scores are acceptable, however higher score will provide you with the best interest rates.
I do not have Mortgage Insurance (MI) now, will you require MI with the new loan?
No , if you don't have itnow then you will not have it with the new mortgage, however if you are paying MI , You Mi payment will not go higher.
How do I apply?
You can go to our secure application page or apply on at our short form
Call us today at 404.814.4634 / 800.772.1193 press #1 and speak to a loan representative.
What paperwork do I need to refinance a no equity refinance?
- Income documentation - recent pay stubs or other proof of income.
- Two years tax returns and W-2's .
- Payment amounts for any outstanding credit card balances.
- Payment amounts on any other loans you have such as car loans, student loans, personal loans.
- If there is a second mortgage then you need to provide information on that
- Please print the page from FNMA showing that your home address qualifies
Don't delay - Avoid the Rush , Apply today.
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