Can you re-fi a former primary/now investment property even though appraisal is lower than loan amount?

Who is the investor on your loan? Go to the following link and put in the information for the loan and if Fannie or Freddie show up as the Investor before May 31, 2009, you should have options for your refinance, which I can then discuss with you! http://www.makinghomeaffordable.gov/get-assistance/loan-look-up/Pages/default.aspx

It really depends on which type of loan product you have now.. if it's FHA, you can do a streamline.. if it's Conventional, and owned by Freddie or Fannie, and the loan was initiated prior to May 2009, then yes..You could do a HARP 2.0 loan.. If none of these programs work, then congress and the President are working on HARP 3.0.. Which is supposed to help borrowers who have not been able to take advantage of the current refinance programs.. Stay tuned. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

We would all like to know why your lender said it didn't qualify so we can best assist. What did your lender say? If your loan is backed by Fannie or Freddie and was closed prior to June 2009, then you should qualify. If you had an FHA loan, you should still qualify. More info please!

Yes if the mortgage is an FHA or conventional loan that qualifies for the HARP 2.0 Refinance program. For more information please call 517-489-2440Thanks Gus DahlgrenUnion National MortgageNMLS #80625

The HARP program allows for investment propertiesas well as primary residences. If the current loan qualies for HARP, you can refi as an investment even though you are upside down.

If your loan is backed by Freddie Mac or Fannie Mae and was originated prior to May 2009, you could qualify for the HARP 2.0.

FHA and Harp both allow for refinancing as an Investment

Generically speaking, yes. Contact a local broker, not a bank, and apply again. Banks have two major problems. First, they only offer their own products, which may severely limit your options. Secondly, bank loan officers are not required to have any State or Federally mandated training, and they don't even have a license. Most are just low level application clerks with limited knowledge or experience. I constantly do refinances they said someone couldn't. www.FHA-Streamline-Refinance-mn.com

Give me a call and I'll be glad to go over this with you to see what if anything can be done to reduce your rate. Jack C. 734-395-9027

We see this scenario often! We have so many clients that went to their banks 1st (i.e. Wells Fargo, credit unions, etc). who turned them down. In fact, just closed a streamline refinance last night with the same scenario. The borrowers went to their local bank first and were turned down because the lender said it couldn't be done. They were referred to us and we refinanced them into a lower rate and have very happy clients.

Your current lender may be correct, or they may not have an outlet to sell your loan once it funds. This requires more information that you gave. Depending on the type of loan you have, the investor and the value compared to the what you owe, you are able to refinance even if it's now an investment property. One of the benefits my company has is that we have over 15 investors that we use which increases our chances of finding a home for a refinance like yours. Feel free to call me and I'd be happy to review your loan. =Mike 517-489-2328