The Home Affordable Program helps those who have a Fannie Mae or Freddie Mac owned loan. This program will help those who owe more than their home well appraise for refinance at todays low rates. If your not sure if your loan is owned by Fannie Mae or Freddie Mac, it’s time to give me a call or CLICK HERE and I’ll help you.

This program actually helps a lot of people, even if you have a second mortgage you still could qualify, you need to check it out. If your current rate is at 6% or above you could potentially save a pretty good amount of money. The higher the loan amount the more you can save; the reason being that certain costs are fixed and on the lower loan amount the longer it is going to take to repay that cost vs. when your loan amount is greater than the savings is more that intern shortens the pay back time of the closing cost insuring value when you consider a refinance. The best way to calculate your savings is to get a Good Faith Estimate and find out what your monthly savings could be and what the time span would be to payoff the closing costs. CLICK HERE to obtain your free interest rate quote and free evaluation to determine if refinancing is right for you. Right now rates are remaining pretty low so nows still a good time to consider a refinance. Another factor to consider when refinancing is what is your time frame in which you plan on living in your property.  If you are considering at some point in turning your primary residence into a rental again something to consider is it is a great idea to refinance locking in a long term low rate; now with that though in mind when you refinance your primary residence your really cannot turn that property into a rental property for 12 months.  If you where to buy a new property they are going to want to cross reference information to determine this fact, so keep this in mind for future planning. Please leave any comments or questions you may have I’d be glad to address them. If your a Colorado residence and our considering a refinance please give me a call or email me I’d be glad to give you a free mortgage consultation to determine if refinancing makes sense for your situation. Andrew Hahn your Denver refinance professional; located in Commerce City Colorado serving Denver and the Metro area.

Andrew Hahn Mortgage professional for over 18 years, helping refinance in Denver and the Front Range; licensed in the State of Colorado.

For those who want to take advantage of today’s Real Estate Market and turn your current primary residence into a rental and take advantage of the $6,500.00 tax credit while purchasing a new home  DO YOU QUALIFY Housing Tax credit There are some interesting rules for existing home owners.  Mainly you need to have lived in your current residence for 5 years or more and if your married that needs to be the both of you.  One of the new guidelines that can be a determining factor is, is that for the example of converting your primary residence and buying a new home is you are going to need to qualify with both payments. The way the lenders are looking at rental property is that they need to be reported on your schedule E of your tax return in order to use rental income (or loss) and they are going to use actual figures off your tax returns and there is the chance they could ask for 2 years tax returns and the they are going to average the 2 years income from those properties to determine the income or loss from that calculations. The number of years tax returns needed well be determined when the loan is underwritten through the Fannie Mae’s or Freddie Mac’s automated underwriting programs. Also another change is that they are going to want to see 6 months reserves for each property you have financed; example if you have 2 properties and each has a $1,200. dollar payment which includes PITI then you are going to 2 x 12oo x 6 = your going to need assets of at least 14,400. now if one of the properties has an HOA fee of 150.00 you are going to need to ad that to the amount of reserves, so keep that in mind as well.  But it’s all worth it to be able to tale advantage of today’s low rates. If you would like to apply go to my business website Capital Advantage Mortgage to apply or to contact me to see if your eligible for the program.

APPLY HERE