Mortgage Refinancing Options Suggested by Bank of America
We received this email from Rich Godbout at Bank of America Home Loans:
I’m sharing a great opportunity for you to reach out to your past clients now and remind them that refinancing options are availble.
For FHA Loans
This Monday June 11th, FHA Streamline Refinance Enhancements kick in and it’s a fantastic opportunity for anyone with and FHA Loan older than May of 2009 to streamline refinance into better terms.
· Streamline Refinance = No Appraisal, No Income Verification, Limited to No Asset Verification
· No LTV/CLTV Limits – upside down properties qualify.
· The loan can be structured with little to no out of pocket expense.
· There mortgage insurance premiums will no longer need to be adjusted to the higher mortgage insurance premiums normally required.
For Conventional Loans
The HARP Version 2 is a great opportunity for existing Fannie & Freddie loans older than May of 2009 that qualify to streamline refinance into better terms.
Streamline Refinance = No Appraisal*, No Income Verification*, Limited to No Asset Verification (*Some changes to existing loan require appraisal and possibly income verification).
· No LTV/CLTV Limits – upside down properties qualify.
· The loan can be structured with little to no out of pocket expense.
· THE FUTURE HARP Version 3 - There are talks of a HARP Enhancements that will allow for Non-Fannie & Freddie loans to refinance into more favorable terms. We can place your clients on our HARP update list and let them know if the enhancements will improve their situation.
Rich Godbout , Senior Mortgage Loan Officer, Platinum Club
Bank of America Home Loans, 3 Bethesda Metro Center Suite 950, Bethesda, MD 20814
(301) 634-4478 Direct (240) 372-RICH (7424) Cell Rich.Godbout@BankofAmerica.com
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