You want to stop paying mortgage insurance
You want to do a cash-back refinance based on your home’s equity
You want to decrease the interest rate on your current FHA loan
You owe more on your current conventional loan than the appraised value of your home
You are a U.S. Veteran that wants to do a cash-back refinance for up to 100% of the value of your home
You want to qualify for your refi based on one year of taxes
You want to refinance and cannot verify your income
You want to refinance seamlessly and with little documentation
You can't find your scenario?

You want to stop paying mortgage insurance

Your best option is refinancing with a Conventional Loan.

Conventional Conforming Mortgages offer lower rates because they are originated to guidelines established by Fannie Mae or Freddie Mac, which are Government Sponsored Enterprises (GSEs). These loans must also “conform” to the established maximum loan limits set by Fannie Mae and Freddie Mac.

It is best if the property to be financed has 20% equity. If the home does not have 20% equity, the mortgage insurance may be paid upfront by either the borrower or the lender. In either instance, the borrower will not be required to pay for monthly mortgage insurance.

Credit scores 620+ require a 3% equity

Conventional loan rates are score-driven. This means that the higher the credit score, the better the interest rate will be.

You want to do a cash-back refinance based on your home’s equity

Your best option is refinancing with an FHA Loan.

FHA Mortgages have lower equity requirements that may be easier to qualify for than a conventional loan. Loans are made by private lenders and insured by the FHA. They require both upfront and monthly insurance payments. The FHA places limits on mortgage amounts, based on the county where the home is located. FHA loans differ from conventional loans in that they allow consumers to take up to 85% cash out on their loans (the max cash-out for conventional loans is 80%).

Minimum credit score 500

Borrower cannot have had any delinquent payments over the last 12 months.

You want to decrease the interest rate on your current FHA loan

Your best option is refinancing with an FHA Streamline Loan.

Streamline refinance refers to the refinance of an existing FHA-insured mortgage, requiring limited borrower credit documentation and underwriting. “Streamline refinance” refers only to the amount of documentation and underwriting that the lender must perform, and does not mean that there are no costs involved in the transaction. The basic requirements of a streamline refinance are:

  • The mortgage to be refinanced must already be FHA insured
  • The mortgage to be refinanced must be current (not delinquent)
  • The refinance must result in a net-tangible benefit to the borrower. (The definition of net tangible benefit varies based on the type of loan being refinanced, and the interest rate and/or term of the new loan)
  • Cash in excess of $500 may not be taken out on mortgages refinanced using the streamline refinance process

No credit check required, lender will verify only mortgage history

You owe more on your current conventional loan than the appraised value of your home

Your best option is refinancing with a Conventional Loan under the HARP Program.

Introduced in March 2009, HARP enables borrowers with little or no equity to refinance into a more affordable mortgage. There is no limit on negative equity. Refinanced loans will not add new or additional mortgage insurance, but must maintain the same level of coverage.

To be eligible, borrows must be current on their mortgage and their current loan must be owned by either Fannie Mae or Freddie Mac. To verify if your loan is owned by these entities, please access the lookup tools on their respective sites.

Fannie Mae loan look up https://www.knowyouroptions.com/loanlookup
Freddie Mac loan look up https://ww3.freddiemac.com/loanlookup/

Note: Be sure and check your address on both the Fannie Mae and Freddie Mac look-up tools. If your address does not appear on either site, your loan is not owned by Fannie Mae or Freddie Mac and you are not eligible for the program.

You are a U.S. Veteran that wants to do a cash-back refinance for up to 100% of the value of your home

Your best option is refinancing into a VA Loan.

VA Mortgages are made by private lenders and guaranteed by the Department of Veterans Affairs (VA). VA loans are designed to help service members and Veterans obtain financing at very reasonable rates. VA loans offer financing up to 100% of the home’s value with no maximum loan limit. This is the only program that will allow you to tap into 100% of you property equity.

Minimum credit score 500

You want to qualify for your refi based on one year of taxes

Your best option is refinancing with a Conventional Loan.

Conventional Conforming Mortgages offer lower rates because they are originated to guidelines established by Fannie Mae or Freddie Mac, which are Government Sponsored Enterprises (GSEs). These loans must also “conform” to the established maximum loan limits set by Fannie Mae and Freddie Mac.

Fannie Mae and Freddie Mac offer income waivers in which they require only one year’s tax return for self-employed borrowers and no tax return verification for W2 (wage earner) borrowers.

Minimum credit score 620

You want to refinance and cannot verify your income

Your best option is refinancing with a Conventional Non-QM Loan.

Non QM loans are loans created for borrowers who don’t have perfect credit or don’t fit the agencies’ guidelines. These programs help borrowers who fit outside the box. These loans offer the following options:

  • No tax returns required
  • Bank statement deposits used to qualify
  • 24-month bank statements (Personal and Business)
  • Loans up to $2 million
  • Credit scores as low as 620
  • Up to 85% LTV
  • DTI up to 50% considered
  • Owner-occupied, 2nd homes, and investment properties
  • 2-years seasoning for foreclosure, short sale, BK, DIL
  • Non-warrantable condos considered
  • Minimum credit score 660 for Jumbo Loans
  • SFRs, townhomes, condos, and 2-4 units
  • 2-year tax returns required for self-employed borrowers

You want to refinance seamlessly and with little documentation

Your best option is refinancing with an FHA Streamline Loan.

Streamline refinance refers to the refinance of an existing FHA-insured mortgage, requiring limited borrower credit documentation and underwriting. “Streamline refinance” refers only to the amount of documentation and underwriting that the lender must perform, and does not mean that there are no costs involved in the transaction. The basic requirements of a streamline refinance are:

  • The mortgage to be refinanced must already be FHA insured
  • The mortgage to be refinanced must be current (not delinquent)
  • The refinance must result in a net-tangible benefit to the borrower. (The definition of net tangible benefit varies based on the type of loan being refinanced, and the interest rate and/or term of the new loan)
  • Cash in excess of $500 may not be taken out on mortgages refinanced using the streamline refinance process

No credit check required, lender will verify only mortgage history

You can't find your scenario?