My current lender is Bank of America and I am in a conventional loan with Freddy Mac. I believe my current home value is 280,000 to 300,000 with an outstanding balance of 355,000,

Hello William,You would need to use one of the refinance relief programs that Bank of America has. We as a mortgage bank have them as an investor and they only allow use to sell the Fannie Mae loans. So first you would need to get a handle on the value of your home. You will only be able to refinance up to 105% of what the home appraises for. If this comes up short then you will either need to put the remaining cash into the transaction or you will have to opt not to refinance. In reality, your home would need to appraise for $340k and you would be paying for all closing costs out of pocket. If you can find a broker that uses Bank of America they may have access to programs from them that we do not. I wish I could help more.Jennifer@CNN Mortgage

Being Freddie owed there is a refinance relief program that allows refinancing to 125% of your value. Some lenders do cap off at 105%. Value is key. You also cannot have mortgage insurance on your existing loan nor can you combine any loans such as a first and a 2nd. The Freddie program does have tighter guidelines than the Fannie program. Feel free to contact me to discuss if you qualify for this program. dan@loansbydan.com