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phinallydone03 · Joined: 02 Jan 2008 Posts: 3 2.45 Dollars($)

My 5 ARM is up by the end of this year. I own about 227000. When I check my home price on zillow.com, it's about 220000 (I don't know how true it is), but let's assume it is. How do I refinance? I plan to put down $20,000. The lowest interest rate is 4.8/1pt with wellsfargo right now. Do I qualify any goverment program out there. Please help!!!!!! Thanks,

adonis · Posted: Fri Mar 20, 2009 12:34 am Post subject:

If you do not have equity in the property, you'll not be able to refinance the mortgage. If it's a Fannie Mae or Freddie Mac backed loan and if you are current on your payments, then you may qualify for the Hope for Homeowner's program. You will have to contact the lender and check out what you need to do in order to take advantage of the program.

chrisburns · Posted: Fri Mar 20, 2009 11:25 am Post subject:

The hope for homeowners program will allow up to 105% of the value of the home. There is a chance that you can get a waiver to not require an ew appraisal and use the original purchase price instead.

It doens't begin until April 4th but it may be something you should start talking to a loan officer about now.

If that doesn't work a loan modification may be an option for you.

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refinance more than what you own. PLEASE HELP!!!