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Contact Howard!

Howard Harris Real Estate Expert

Mortgage Rates



If You Have A Fannie or Freddie Backed Mortgage You May Be Eligible To Refinance Without An Appraisal

May 14

filed under: Real Estate

Yes you heard it right. If you have a Freddie Mac or Fannie Mae backed mortgage on you home you can refinance WITHOUT an appraisal being done on your property at today’s low interest rates and lower your monthly payment by hundreds of dollars. BUT, (yes I know there is always a “but”) there are some eligibility requirements in order for you to take advantage of  the newly expanded HARP program.   Here is a summary of eligibility:

  • Your mortgage must be a Fannie Mae or Freddie Mac backed home loan
  • Your loan has to have closed on 5/31/2009 or earlier
  • Loan-to-value should not matter as there is NO APPRAISAL
  • You must have NO “mortgage-lates” in the past 6 months

How do you find out if your home mortgage is Fannie Mae or Freddie Mac backed?  Call or go to  either one of their websites:

Once you determine that your loan is backed by either Fannie or Freddie and you meet the stated eligibility requirements, get in touch with your current lender about refinancing your loan or you can refinance with any lender/mortgage broker that is licensed in the State of Arizona. If you need some referrals contact me and I will be happy to help you out with that.

If  your home loan is not backed by either Freddie or Fannie, I am sorry to tell you that neither you nor I can take advantage of this program. Hardly seems fair, but my late mom, God bless her, told me umpteen times when I was growing up, “life is not always fair”.

Written by Howard Harris