Home Affordable Refinanace Program for Investors!
Here is a letter we recently received from a local investor. Thanks for the heads-up, Fred!
“I can personally attest to the fact that the Home Affordable Refinance Program does apply to investors. I was in such disbelief that government funds would be available to investors that I argued with a Bank of America contact (i.e. who took my initial phone inquiry) about why BOA would not lend to someone with no w-2 income and no job. Fortunately, the rep hung in there with me and got me in touch with someone who told me that all I needed was:
- A tax ID number for the business
- Articles of Incorporation
- Money for a $395 application fee
There was no credit check, no tax returns to submit, no bank statements, no appraisals, etc. etc.
Six weeks later I refinanced an interest only loan to a fixed 30 year rate. By the way, all of this started by responding to a “junk” mailer BOA had been sending to me for the prior 6 months. On another by the way note . .this was on a property that I purchased before finding the mastermind group and did so with a mortgage in my own name.
Anyway, I have a second property just like the one I just described. So, I contacted Chase Home Mortgage who has money for the same program and we are off and running with the same refinance for that property.”
Are you an investor? Do you need a bank loan? Try the Home Affordable Refinance Program and let us know the results you get.