To refinance without equity your mortgage loan must fall under the any one of these two scenarios:
- Your mortgage must be owned by Fannie Mae or Freddie Mac and had to have been sold to these two entities regardless of whom your current mortgage company is prior to May 2009. This allows you to take advantage of the HARP loan program to refinance with no equity under the making home affordable enhancements to conventional mortgages.
- Your mortgage must be an FHA loan or a VA loan to qualify under the no appraisal streamline program. FHA and VA allows homeowners to refinance with no equity regardless of when their mortgage was originated.