Refinance Program for Homeowners with Low or No Equity

Emerald Home Loans offers a refinance program for homeowners with low to no equity. If you, a friend or family member find yourself in a difficult equity position, consider a High LTV Refinance Option. 
The high loan-to-value (LTV) refinance option provides refinance opportunities to borrowers with existing Fannie Mae mortgages who are making their mortgage payments on time, but whose Loan to Value (LTV) ratio for a new mortgage exceeds the maximum allowed for standard limited cash-out refinance options.
If your home is able to qualify for this refinance program, you could enjoy these benefits:
  • Lower Mortgage Payments
  • Lower Interest Rates
  • Shorter Loan Term
  • Switch from Adjustable Rate Mortgage (ARM) to a Fixed Rate Mortgage
  • Private Mortgage Insurance (PMI) may be transferred or not required at all. (If PMI exists on current loan, it must be transferred to a new loan. If no PMI exists, it may not be required).
Important Program Features
A great feature about this program is that there is streamlined documentation mandates for income, employment and assets. Appraisals are typically not required. In order to qualify, borrower’s must have made 12 payments on their loan being refinanced and it cannot be used to refinance a HARP loan.
What property types are eligible?
All property types are eligible including investment properties under this program.
For more information on this program click here.
The Bottom Line
If you’re having trouble with your mortgage and owe more than your home is worth or you have almost no equity, you might be able to refinance with this program. Think about all that you could save by paying much less on your monthly mortgage payment. Don’t hesitate to speak with an EHL Loan Officer today and see if you will be eligible.  833-345-1234.
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