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Refinance with a Non-Fannie Mae/Freddie Mac Loan

Published: Thursday, August 23 2012

Refinance with a Non-Fannie Mae/Freddie Mac Loan

Doris in Oviedo is underwater and wants to refinance but is having trouble doing so with Green Tree. Her credit is good but she doesn’t qualify for any of the HARP programs as she does not have a Fannie Mae or Freddie Mac loan. She asks Robert Palmer for advice on her situation.

There are a lot of people in a similar situation. About 60% of underwater homebuyers do not have a Fannie Mae or Freddie Mac loans. Congress has continually floated ideas about trying to create a program that would be backed by the Federal Housing Administration (FHA) that would be like the HARP for non-Fannie Mae/Freddie Mac customers; however, it hasn’t received any major traction. There isn’t a program yet to help people in this situation.

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