I am making less money than when I bought my house. I want to know if there is a program out there that I can refi and get my interest rate down and payment down. I have an interest only mortgage with a 5 year arm. The 5 year arm is up next December and I want to refi. I have good credit and never been late on my mortgage payment.

Sure there are many programs out there for borrowers, you have to connect yourself with a Mortgage Broker or Loan Officer who's knowledgeable and experienced in those programs....such as myself. Your present mortgage balance and the appraised value is most important. If interested in getting detailed information, feel free to send me an email. Thank You.

Ben, contact your current Mortgage Company. They will honestly have the best opportunity for you through the HARP program. If the refinance doesn't work out, and you're making substantially less money - ask about the HAMP program. Again, it will likely be cheaper to work with the company who is currently servicing your loan - which is probably Wells, BofA, Chase or Citi. If your loan is being serviced by a smaller institution, or a credit union - you might want to talk to us. We also offer these programs to borrowers... it's just that the original servicer generally has better terms through Fannie or Freddie.Regarding your credit being pulled... if it's being pulled because for a refi, then it should not hurt your score. If you are getting a pull for a credit card, a car, and a refi - well, that's probably going to hurt.Hope that helps! eleavor@gmail.com

Ben, Fannie & Freddie have 2 programs available which you can actually go up to 125%, but the loan needs to be owned by either Fannie or Freddie. You can go to their websites & input your address information to find out if your property is eligible. Rates are great, & one of these programs may accomplish what you're trying to do. I do at least 5-6 loans of these types a month.If you require more information you can email me at nancyreleford@homeequitymtg.com or call 615-867-3060.Good luck!