San Diego Real Estate
Carlsbad, CA—We may be hearing a collective sigh of relief from some San Diego real estate investors when they discover that that owners of second homes and other real estate investments may now be able to refinance their mortgage loans if they are guaranteed or held by either FannieMae or FreddieMac–and if the current value is no more than 5% over the mortgage amount.
The key here is that the mortgage loan must be under the wings of either Fannie or Freddie.
Many real estate investors, though, have no idea whether their loans are guaranteed or owned by either. However, a call to one’s lender–or to Fannie directly at 1-800-7FANNIE–or visit their site–might provide some answers. Completing the form on Freddie Mac’s site, they will advise as to whether they are guaranteeing or holding one’s loan or not.
To qualify for this real estate refi, there may be no late payments (30 days or more) for the past 12 months. FICO and credit scores, though, are not considered–nor will private mortgage insurance start anew.
This could be a real boon for many San Diego investors and second home owners who thought only primary homes could benefit from the Fannie and Freddie refi’s. This may also be a potential Godsend for tenants who face eviction because of foreclosures–and may allow investment property owners to keep their properties–and their tenants in place.
I am already compiling a list of clients who might benefit from this opportunity and will spend the next few days digging for more information