Jumbo loan was not purchased by Fannie or Freddie. Can we refinance now with conventional rates?

$696,000 - $140,000 = $556,000 and you say the home is worh $495,000 at most? Unforunatly it appears you owe more than the house is worth, currently, or a 112.33% loan to value, at a best case senario and therefor there is no non Fannie or freddie products that are available at that loan to value.The short answer is No.

Yes you have options available for refinancing. Feel free to call us today and we can go over your possible options.Austin S.949-229-1652

The only way I can see is if you come in with cash to be within acceptable guidelines or should you have enough liquidable assets to be held by the lender although you still are in control. You may see information on this "pledged asset" program on my website. Best wishes for a happy new year.Happy funding, Rudi

Because your loan was not purchased by Fannie/Freddie, it is likely you are not eligible for a refinance because you apparently owe more than the current value of your home. However, because your loan was an interest only loan, it is extremely likely your current lender will consider refinancing you into a 30 year fixed rate loan. My advice would be to contact them.

Attention Friends:Do you own a home with a Jumbo Loan or mortgage over $580,000 that is upside down? Message my inbox and I'll show you how to drastically lower your mortgage, keep your property and not damage your credit! This is not a short sale or loan modification. Ask me about a BACKFLIP (trade marked). RUupsidedownnow@gmail.com