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refinance mortgage ValenciaInformation About Your Property Value

The amount of equity you have when you get ready to do a refinance mortgage Valencia your current home loan will play an important part in the type of loan program you can apply for.If you have more than 20% equity in your home, you will be able to apply for the best home loan interest rates Valencia.

If you have less than 20% equity, if you owe more than 80% of your home’s value then you will have a few options available to you depending on your credit score. Those with really good credit can use the LPMI loan program and those will less than stellar credit will probably want to work with FHA. An FHA home loan Valencia offers a lower down payment.

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If you have less than 10% equity or if you owe more than 90% of your home’s value up to 96.5%, then you will need to work with the government’s FHA loan program in order to get your refinance approved.

For more information on some of these loan programs check out the FHA tab as well as the detailed article on LPMI. 

LOANS THAT ARE “UNDERWATER” or REFINANCING EVEN IF YOU OWE 105% OF YOUR HOMES VALUE

However, if your loan is owned by Fannie Mae or Freddie Mac, and we at Mortgage Consumer know how to determine if it is or not,  then through their special loan program, you can actually owe 105% of your home’s value and still get a mortgage loan.

These government owned institutions, with the help of the US government, are allowing such a loan program for several reasons. First they realize that even though a borrower’s home loan might be more than their home’s value, this has most likely occurred because of the mortgage meltdown. As long as a borrower can prove that they are a good credit risk, the government is willing to grant a refinance. They realize that when they create a mortgage savings for a home owner that such a savings will assist an ailing economy, which is the second important reason that such a program exists.

If you buy a home, consider a FHA home loan if you do not have a large amount to use as a home down payment. We are always available to help you answer questions about the best options for your home loan Valencia. If you are looking for a  refinance mortgage we offer low mortgage rates Valencia and quick, friendly service.

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