Looking to refinance but according to zillow our house is not worth what we owe loan not backed by frannie/Freddy help?

Don't rely on Zillow's "Zestimate" for home valuations.. instead, go to the "Filter's" and search for home that are similar to yours that sold in the last 6 months.. that would give you a better idea of what your home is worth.. or you could call a local real estate agent and ask them to give you an estimated value.. Since your home is not a Freddie or Fannie loan, then HARP refinance is not an option.. however if your loan is FHA, VA, or USDA, you might be able to refinance without an appraisal. 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

In my experience I have found Zillow to be conservative in the way they value properties. With regards to your property not being backed by Fannie or Freddie, you can look into an FHA refinance however only the mortgage professional you decide to work with can tell you if doing so will be beneficial. Currently you will not be able to refinance under the Harp 2 guidelines which require you to have either a Fannie or Freddie mortgage. There have been talks of a Harp 3 refinance program coming out where there is a possibility of you refinancing even if your mortgage is not owned by Fannie or Freddie.

If your loan is FHA, VA or USDA we could do an FHA Streamline without an appraisal. If your loan isn't owned by any organization then your best bet is to wait for HARP 3.0 to come out. We are putting a list together for HARP 3.0 clients. Please e-mail me your name, e-mail and number and I will contact you as soon as there is a program for you and/or HARP 3,0 is activated. ken@mortgagesforamerica.org

As the others have told you, if your current loan is not Fannie or Freddie owned, you will NOT qualify for a HARP loan. Your only option will be a standard convnetional loan withthe applicable Mortgage insurance to a 95% LTV or an FHA loan up to a 96.5% LTV. In either case your will need equity in your home to refinance.

You may have to wait for HARP 3.

If it isn't a government loan, FHA, VA, USDA, most likely not. That being said Zillow is not always accurate, I would ask what you owe, and what zillow is saying it's worth to start. There may be options, but would need to speak with you to get some more information to see what your options may be.Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation. Ask for Michelle or Benny We will find the Best Mortgage Option to suit your needs!You can check us out at www.BestMortgageOption.com We are also proud Homes for Heroes affiliates!

You will need roughly at least 3% equity in the home based on a lender ordered appraisal to refinance if it is not Fannie, Freddie, FHA or VA loan. I agree Zillow is not always very current, the best way to know is to talk to local Realtors about what has actually sold in your area that is similar to your home and estimate based on those prices.

Zillow is not the most accurate as far as value for your home. If your Loan is a VA or FHA loan you maybe able to do a "streamlineloan" using the value that was obtained when you closed the loan you have currently. If this loan is not a FHA or VA, you will haveto wait for the HARP 3.0 to come out-Best of luck,Pete

Like other responses have stated, unfortunately you will not be able to qualify for the HARP refinance since it is not Fannie or Freddie backed. You can also look into an FHA or VA streamline loan if you currently have either of those loan options. Your other option is to wait until HARP 3 is released, which will remove the Fannie and Freddie requirement. Zillow might also not be accurate, you can have a Realtor estimate the value of your home or an appraiser truly determine how much it is currently worth.

Zillow is just a indication, more marketing intent than a true valuation.. Not owned by Fannie or Freddie. Call me 954 558 4430. You Need a Harp 3

Zillow is just an estimate. Local Realtor's can give you the best value. Contact your current lender. See if the can modify your loan

Hi, Zillow is usually on the low side, I can maybe help you but I'd need more information. If you'd like to discuss, contact me at andrea@monumentmortgage.net or 215-272-1157. Thanks, Andrea