Michigan Refinancing | MI Refinance

There’s a Michigan refinancing option for homeowners who are currently underwater (owe more on their mortgage than the home is worth).

It’s called the Home Affordable Refinance Program (HARP).  It is a special program launched by President Obama to help families who need and want to take advantage of today’s historically low rates, but are having trouble getting approved, due to reduced property values.

This program allows eligible borrowers to refinance their Mortgage so they can reduce their payments, even if they are underwater.  It allows a loan amount up to 105% of their homes value, and does not require any private mortgage insurance (PMI).  There are even provisions to allow loan amounts of up to 125% of the appraised value, however lenders have not offered this option yet, at least as far as I know.  (If you know of any lenders offering 125%, please feel free to comment below.)

Just as with all Michigan refinancing loan programs, you must qualify for the new refinance loan, based on you credit, income and other various criteria.

In addition to the qualifying for the new loan, your current Michigan mortgage must be owned or secured by Fannie Mae or Freddie Mac.  This does not mean you have to be currently paying your mortgage payments to Fannie Mae or Freddie Mac.  Many Michigan homeowners I work with do not realize that the lender you send your payments to, is not necessarily the current owner of your mortgage.

Here are some links you can visit to check to see if either Fannie Mae or Freddie Mac currently owns your mortgage.

Fannie Mae Lookup Link:  http://loanlookup.fanniemae.com/loanlookup/

Freddie Mac Lookup Link:   https://ww3.freddiemac.com/corporate/

If you think you can’t get your Michigan refinancing completed, because your home’s value is too low, check out the above links.

Keep in mind – This is a limited time program, and although it was recently extended it is not likely to be available forever.

Keep a lookout for my upcoming post – “How to Get a Michigan Refinancing Quote for the Home Affordable Refinance Program (HARP)”

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