Special Program Alert | Lower The Interest Rate on Your Underwater Investment Property
Underwater investment property owners … Help is here at last!
Having an underwater investment property is not what you had in mind when you first signed up for the gig…am I right? Real estate is a solid investment, but as we all found out, can have it’s share of risk as well. When we got hit with the grand depreciation of home values (my eloquent way of describing the real estate meltdown), our investment properties stopped being cash cows and started being financial goats. But, what can we do, right?
You can refinance!
Don’t believe us? Ask the family we just completed an FHA streamline refinance for that is now saving a few hundred dollars a month in payments. Their rental property just went from being a financial burden to becoming a source of income. Did I mention it only took a few weeks? Did I also mention that we didn’t bother asking for their pay stubs? Did I mention it usually doesn’t even require you to get an appraisal done? Did I mention it does not matter if you are upside down or underwater?
| Click here to learn more about the FHA Streamline Refinance
Okay, I think you get the idea…BUT, just in case you missed that, you can refinance an investment property with the FHA Streamline refinance as long as the property currently has an FHA loan. FHA doesn’t care if you used to live there and since have moved into a new home, they only care that you already have an FHA loan. That’s it! So…what if you don’t have an FHA mortgage on your investment property?
There are other options!
Let’s say you have a conventional loan on your underwater investment property… you may qualify for the new HARP 2 refinance! That’s right, the program is not just for primary homes! Even if you have been denied by another lender, we may still be able to help you as we are able to do Expanded Approval Fannie Mae loans. Simply put, a lot of banks can only do the ‘top tier’ approved loans for this program and some banks can approve all kinds of loans…we are the latter.
| Click here to learn more about the HARP 2 refinance
You have nothing to lose!
The bottom line is that you have an underwater investment property and you are probably taking a loss, a loss that you can ill afford. ACT NOW and fill out this 5-minute questionnaire to have a licensed mortgage professional review your scenario. Chances are you’ll be laughing…all the way to the closing table!