Any other programs for non fannie mae/ freddie mac customers to refinance?

I think if you give more details regarding loan amount and the value of the property we can better answer your question.

If their current mortgage is FHA, they can refinance now with no appraisal. If their loan is a VA loan, they can refinance now without an appraisal, If thier loan is a USDA loan, they can refinance without an appraisal. If it's not any of these 3 or a freddie/fannie loan, then there might be help on the horizon. President Obama annonced a few weeks ago that they are proposing a refinance program for "All other" mortgages that, because of their loan product, have not been able to take advantage of the current low interest rates. It might be a bit before the program actually kicks in, but they are working on something.. WilliamAcres.com

Currently the only programs that are available are for Fannie/Freddie/FHA/VA and USDA. Some banks are willing to look at other types of loans in their portfolio on a case by case basis. If there is negative equity and the borrower is not in financial distress, there is no incentive for the lender to be willing to accept a lower rate, meaning most will tell you no to any form of modification. It doesn't hurt to ask, and depending on the specifics, it could be possible for some form of improvement. Good luck. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

Almost no options if underwater on the mortgage, but there is another program available for loan modifications IF their mortgage is underwater and IF the investor is willing to participate: Principal Reduction Alternative Program, known as "PRA," which provides an option for servicers to offer modifications that include principal reduction when borrowers owe significantly more on their mortgage than their home is worth, but does not obligate servicers to offer such modifications, given that principal reductions generally require the investor's consent. In an attempt to get more investors to agree to principal reductions, Treasury will offer three times the incentives it previously offered.) The Treasury will provide investors incentive payments to reduce principal down to an MTMLTV of 105%, but will not provide incentives to go below that ratio. Investors are paid substantially less, however, if the loan was more than six months past due at any time during the 12-month period prior to the NPV evaluation date. Under those circumstances, an investor will be paid $0.18 per dollar of principal reduction, regardless of the MTMLTV achieved. The PRA Program does not apply to loans owned or guaranteed by the GSE's.

William, I'm curious to know more about your statement: "President Obama annonced a few weeks ago that they are proposing a refinance program for "All other" mortgages that, because of their loan product, have not been able to take advantage of the current low interest rates."I own a condo in San Diego CA, and although I put down 40K when I purchased I'm still underwater 90K. (Original value 340K, Currenlty owe 290K, value MV 200K). I have a non-Freddie/Fannie loan. To make matters worse, it is with One West Bank. I'd like to refinance out of my ARM, but can't due to the loan to value ration. I'm current on all payments with good credit, but have no refinance options. Would like to know if there are other options avaialble. Thanks!