We’ve finally got good requirements for the DU Refi Plus program, also driven by the Feds, that allows people with good credit to refinance their houses up to 105% without changing the terms of the original loan (other than the interest rate).  That means that if you bought with an 80/20 loan, and your current 1st mortgage is not more than 105% of the value of your house, and you can get your second mortgage company to subordinate (tricky, but not impossible), you can probably pull off a refinance and chop your rate, without adding mortgage insurance.  There are no CLTV caps here. Even if the total of your two loans is 140% of the value of your house, as long as the 1st fits into the 105% window, we can take a shot at it.

And for those in tight financial straits, maybe missed a payment or two, there are loan modifications possible that can reduce your interest rate substantially.  If you’ve been hearing about loans being modified to 2% – that’s what this is.  And it is not smoke and mirrors.  There really are such programs.

Bottom line, folks, is that there are a lot of options out there for those that are looking at financing their homes, whether purchase or consolidation, or what have you.  We’re answering lots of questions about this stuff every day, so if you get voicemail, just shoot me an email or leave me a message, and keep trying.

Oh, and rates are flat after a bad-but-not-terrible-day yesterday.  Housing numbers actually improved, if you strip out multi-family.

Cj

801-310-3407

chris@lehilender.com