As Matt mentioned, there is the Home Affordable Refinance Program (HARP) that is available and may not require appraisal, or condo questionnaire. Your current mortgage must be a Freddie Mac or Fannie Mae mortgage. There are other criteria for the HARP program, but if you qualify, it is the easiest way to get refinanced. Just be prepared to wait aproximately 60 days to get it done, as banks are taking that long or longer to get these refi's done.
Should you have other questions, please email or call me.
Nick Nelson (NMLS#384413)
Mortgage Loan Officer
1st Step Mortgage Group, Inc.
6876 Spring Creek Road, Suite 124
Rockford, IL. 61114
815-289-0880 - Phone
firstname.lastname@example.org - email
Condos are a bit more complicated - even though you may be on time with payments, you ARE affected by the actions of your fellow unit owners. The building gets evaluated and based on that you may or may not be able to obtain financing. (# of rentals, # behind on payments, etc)
Depending on when you last refinanced, you may qualify.
Should you need any assistance, feel free to contact me.
Bill J Deligiannis
First Centennial Mortgage
When was the last time (month/date) you did a loan on this property? You may still qualify. But this is important in determining a few things. If you want to give me a call, I'd be happy to discuss this with you.
Senior Loan Officer
Chicago Financial Services
So far all the answers have been ... almost right.
If three out of 8 units are behind in their assessments, you will not be able to do a normal conforming refi.
If you qualify for the HARP program, not only can you refi, but no condo questionnaire is necessary, so the late assessments and lack of reserves become non-issues..
Let's find out if you qualify. Give me a call, shoot me an email, or fill out an online app at my website.
Senior Mortgage Consultant
Exit Real Estate Partners
Senior Loan Officer -Chicago Financial Services
1455 W Hubbard St Chicago, IL 60642
312-608-1555 - mobile