Homeowners have a few options open to
them if they are underwater. That means homeowners have a higher
mortgage on their home than the appraised value. Two options
combined may be your best solution.
Recently, 2.5 million Americans
returned to a profitable status leaving only 4.5 million that remain
underwater on their home, according to CoreLogic September 2013.
Great news unless you are still underwater. The DU Refi-Plus for
Fannie Mae-backed loans and the Freddie Mac open access programs are
the programs available from lenders like me to lower the mortgage
rate even if you owe more than the appraisal value of the property.
Even if you have been told you don’t qualify, recent changes to the
program may have changed your status.
Homeowners who are underwater but have
to move for some reason might be unsure of what they can do. For
example, homeowners might have to find a bigger space or have a new
job in another location. Homeowners in this situation might believe
that the only option to them is to put the home up for a short sale.
The problem is that after the short sale the homeowner will need to
wait one to four years before they can qualify to purchase a home.
It may be possible to find a reputable
tenant and rent the home. This option may lower or even eliminate the
debt of the current mortgage payment. The money acquired in rent will
change the debt-to-income ratio, probably allowing a new purchase. As
a loan officer, I can work with real estate agents or property
management companies to assure everything is done to recognized
underwriting standards.
The new lower mortgage payment combined
with the income of the tenant will make it easier to purchase a new
home. While this idea is not new, the way I approach the problem is
uncommon. I believe in helping my customers as much as possible. I
want to help them move on with their life and possibly create a
source of income for them.
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