Need advice re; Freddie Mac guidelines
I want to refinance my $55,000 mortgage and am having a problem. Our credit scores are 803 and 745 and are currently paying 7.625% fixed. I would love to get a lower interest rate (no cash back) but it seems that Freddie Mac guidelines do not allow a mortgage on a house that is sitting on more than 5 acres. What is that all about???
Since the loan would have to stay in-house, I can't find a lender that gives me a rate under 6.5% which seems high at today's climate. Also, they all seem to charge points and fees at $2000-$4000 which seems excessive. Any ideas?