How do you get a mortgage loan on a property that has a PACE or HERO loan on it?
How do I refinance my loan if I have a PACE or HERO loan on my home?
The quick answer is… you don’t. You use to be able to on an FHA or VA loan because they would subordinate the loan, but Pace / Hero does not subordinate any longer as of 2017. They are a horrible company screwing thousands and thousands of homeowners.
HOWEVER, out of over 90 banks and lenders that we work with, one of them basically said screw it. Homeowners are getting screwed by Pace / Hero and it is not right. Even though the Pace / Hero loan will remain in 1st position (since it’s part of the property tax bill), one of our lenders WILL do either an FHA or VA loan on a property that currently has a Pace / Hero loan.
So, what does that mean for you? Well, for refinancing, if you have been told or realized that you can’t refinance because of this situation, now you might be able to. For purchasing, you may now be able to purchase a new home that currently has a Pace / Hero loan on it if you use and FHA or VA loan.
Call or email Derek and his team today and they can see if one of those two options might make sense for you moving forward. It is a really bad situation that this company, Renovate America, has caused thousands and thousands of homeowners and our hope is that you can help spread that word to everyone you know to stay away from them at all cost.
