New Refinance Program for conventional loans

As far as I am aware, there really isn't a program for them.

Unfortunately unless your current lender is willing to work with you or your loan is backed by one of the agencies there aren't any options I'm aware of. There is a Governmental short refinance program similar to HARP 2.0. The only lender we have found willing to do those is CITI Bank, which means your current loan would need to be with CITI. If it is we possibly can help you. 888-320-7888 - www.MortgageWholesale.net - Ken

My advice would be to contact your current lender and find out if they can offer you a streamline refinance. Try speaking with someone other than a customer service rep as they typically don't have much knowledge on what they can and cannot do. Unfortunately as Ray mentioned there really isn't a program where portfolio or non-agency loans fit to refinance without having to take the standard criteria into consideration (LTV, DTI). It's really up to the investor who owns your loan to allow it or not.

Your best bet is to try a loan modification request. A daunting task but an option. A second option would be to do a budget analysis and cut out anything that is not essential and start saving aggressively so you can do a conventional refinance and just bring the funds to closing to cover any shortfall. ENG Lending, A Division of Bank of England, always puts your best interest first. We would appreciate the opportunity to serve you. Please visit us at www.cincinnatimortgagerate.net. You will soon find that we are so much more than a Mortgage Banker; we are a company that is dedicated to empowering our clients and referral partners. Don't forget to visit our Facebook Fanpage at http://www.facebook.com/pages/ENG-Lending-Cincinnati/171183536269710?sk=wall Or Call Anytime 513-403-6260

I'll reiterate what has already been said. Your best bet is to contact your current loan servicer and see if they are willing to help you internally; of course, that's assuming you are in a bad equity position. If you know you have some equity and occupy the home, there is no reason why you can't try to just do a regular refinance into an FHA/VA or Fannie/Freddie loan.

It's been thrown out there by President Obama, however he has not presented a written plan yet for congress... stay tuned.. He's going to release it soon, because he might not be there come January... WilliamAcres.com

Yes, HARP is up and running. Do you qualify? Contact a local Mortgage Banker /Broker. DON'T use one of the big banks, DON'T use one of the big national Mortgage factories, and DON'T use the people you are currently making payments to. We have heard that the big banks are already advising their customers that it could be a 4-6 month lead time before they will be able to close escrow. You shouldn't have to wait. The local or regional Mortgage Banker/Broker is better equipped to handle the volume. We tend to be much more nimble in adding or moving personnel to accommodate a spike in volume. The big guys don't want to hire more people, so instead you wait and wait and wait. Another benefit is that your local Mortgage Banker has access to all the lending sources, allowing for an easier fit into the lender or program that makes the most sense. Whoever you choose, make sure you check them out at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

Please ignore my previous post... This is what I intended to tell you. To date, there is no HARP equivalent for non Fannie/Freddie loans. Do you qualify for re-financing? Contact a local Mortgage Banker /Broker. DON'T use one of the big banks, DON'T use one of the big national Mortgage factories, and DON'T use the people you are currently making payments to, except as a last resort. We have heard that the big banks are already advising their customers that it could be a 4-6 month lead time before they will be able to close escrow. You shouldn't have to wait. The local or regional Mortgage Banker/Broker is better equipped to handle the volume. We tend to be much more nimble in adding or moving personnel to accommodate a spike in volume. The big guys don't want to hire more people, so instead you wait and wait and wait. Another benefit is that your local Mortgage Banker has access to all the lending sources, allowing for an easier fit into the lender or program that makes the most sense. Whoever you choose, make sure you check them out at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

In terms of conventional loans (i.e. a home loan that you initially either had 20% down or 20% equity stake) that are not owned by Fannie Mae/Freddie Mac, implies that you have a portfolio loan with a bank. If that is the case, your best bet for any streamlined or special circumstance refinance would be best served going back to that particular bank. Happy Good Friday!

No, there has been a bunch of rumors but nothing to this day.