Refinancing with Mortgage Insurance and Lost Equity

In 2009 the Obama administration worked with Fannie Mae and Freddie Mac to create a program called HARP - Home Affordable Refinance Program. The Fannie Mae refinance program goes by two names: Refi Plus or DU Refi Plus program. It allows the refinance of a 1st mortgage up to 105% of the appraised value of the property. Second Mortgages must be subordinated to the new loan. The Freddie Mac program is known as the Relief Refinance Mortgage. It has a few small differences but is basically the same as Fannie's program.

The problem over the last few years is that loans originated with private or lender paid Mortgage Insurance had not been eligible to be refinanced under this program so alot of homeowners were left out. Now, finally the lenders and the Mortgage Insurance companies are getting on the same page. Now not all lenders and not all MI companies are offering this program but there are options out there for those who missed the first round of great rates because they had Mortgage Insurance to take advantage of lower rates. Please feel free to contact me if you are in this situation and are having difficulty refinancing. I'm always happy to help point you in the right direction.