Loan backed by Fannie?

[fm1017]

Hello

Hoping for some refin advice. I have been in my condo for a little over 2 years; no lates and probably what I owe is what its worth. I probably have lost 34 - 40K in value

 

I desperately want to refi; I am paying 7.5% right now but anyone I speak with says I need 20% equity. I have a BK from 2005 (did nt include foreclosure) my score is 680 and I have a good job with good income

 

I checked the Fannie Mae site and it says they back my loan but I spoke with a broker and she said they didn't. I was interested in the Making Homes Affordable Program

I talked about a modification but am not eligible because I am not delinquent

 

I just cant believe that someone who is current and good payment history can't get refinanced somehow

 

Any advice?

[jop3]

If the Fannie site says they own your loan, then they do. You need to talk to a different loan officer and get another opinion.