As Florida mortgage interest rates improve the phones are ringing and the emails are full of homeowner requests to take advantage.  The biggest problem isn’t qualifying for the new lower fixed rate mortgage.  It’s determining how low the homes current value has fallen. Many Florida homeowners can’t refinance even though they are over-qualified for the conventional, Fannie Mae or Freddie Mac, loan program. 

There is, however, a new program many lenders are working on that includes refinancing homes up to 105% of the current appraised value.  I am not confident that will help here in Florida s property values have dropped significantly over the past 2 years. 

There is always hope.  Another solution is using a VA home loan.  Veterans can refinance up to 100% of the current appraised value while lowering their fixed mortgage interest rate.  Perhaps more conventional mortgage programs will follow suit.  We’ll see.

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