The Time is NOW to Refinance!

Jan 19th, 2012 | By | Category: The Mortgage Connection

By Mike Morgan of Peoples Mortgage Company

Did you know that if you currently have a government loan (VA or FHA) you could possibly refinance with- out having to have an appraisal or qualify again for the loan? Even if you owe more on your home than what it is currently worth. We just have to verify that:

1. You have had the loan at least 6 months.
2. Your payments have all been made on time.
3. You are still employed.
4. It’s ok if you are not still living in the home and have turned it into a rental property.
5. You have to be saving at least 5% from your current payment or you can change the term 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 are a multitude of possible scenarios so please call me at 520.954.7686 with any questions you may have. I would be happy to discuss your unique scenario or questions with you. Also, feel free to email me at:

LO LICENSE # 0912532 LO NMLS# 224433 BKBR# 0115327 COMPANY NMLS# 6274

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