Home Buying in Birmingham>Question Details

Matt, Home Seller in Birmingham, AL

Need assistance in renting out current home, refi current home, purchase new home

Asked by Matt, Birmingham, AL Sun Mar 24, 2013

I am slightly underwater at my current house but would like to move. I would like to rent my home out and possible refi under harp (if I qualify) to lower my payment. I would then like to purchase a new home. My wife and I have excellent credit and good income. Am interested in existing programs that allow 10% down and that Have reserve requirements which I qualify for.

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Please give me a call and I will do an analysis on all of your options. 205-776-8400

0 votes Thank Flag Link Mon May 13, 2013
Matt, you need to speak to a lender. Also from my own experience a few years ago refinancing a rental home proved to be far more difficult than a home I was living in. You may want to make sure you get it refinanced while it is your primary residence.
Best of luck!

Web Reference: http://JAARONSIMS.COM
0 votes Thank Flag Link Sun Mar 24, 2013
Hi Matt,
To to eligible for a HARP refinance, you loan would have to have been purchased by Fannie Mae or Freddie Mac prior to June 1, 2009. Prospect Mortgage is one of the few lenders that does not impose LTV limitations on HARP refinances. HUD also has a similar program for FHA mortgages.

We would need to review your options for both your refinance and your purchase to determine what your options might prior to you moving to far ahead with anything.

Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your mortgage options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes Thank Flag Link Sun Mar 24, 2013
For the harp refi, if your current loan was sold to Fannie, Freddie, or FHA prior to June 1 2009 you would qualify for the harp program. Depending on where your current home is located, the rental market is very good right now simply because it is much harder to obtain a mortgage loan. Depending on your income and if it will cover the two mortgages, you may run into an issue on the purchase loan since you do not have equity in the current home and you would not be able to count the rental income immediately. Call if I can explain further... 205-542-2327
0 votes Thank Flag Link Sun Mar 24, 2013
These are all good questions for a good lender and I have a list of several I can recommend. I have also compiled a list of rental management contacts for my clients. I would be happy to provide them at your request.
0 votes Thank Flag Link Sun Mar 24, 2013
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