Is it time to Refinance your VA or FHA loan?

Mar 5th, 2012 | By | Category: The Mortgage Connection

VA or FHA Loan Refinance | Mike Morgan People's Mortgage Company | The Sahuarita ConnectionBy Mike Morgan of Peoples Mortgage Company

If you currently have a VA or FHA loan you could possibly refinance without having to have an appraisal or all of the qualifying documentation. You may be in a position where you owe more on your loan than what your property is currently worth but that’s ok!

As long as we can verify that:

1.    All of your mortgage payments have all been made on time
2.    You have had the loan for at least 6 months
3.    Your credit score is at least 640
4.    You are still working
5.    You have to be saving at least 5% from what you are currently paying

Or you can change the term of the loan from a 30 year to a 15 year
If you currently have a conventional loan owned by either Fannie Mae or Freddie Mac it is possible to refinance up to 105% of the current value of your home. You have to have obtained the loan prior to March of 2009 to be eligible and it has to be a first mortgage only. These loans do require an appraisal and qualifying unlike the government loans

There is supposed to be more information coming in March with expanded guidelines for conventional refinances if you are upside down on your mortgage. As we receive that information we will alert you. I would be happy to discuss your unique scenario or questions with you. Also, feel free to email me at:

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