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4 plex refi rate

We have 4plex that was appraised last year at 260k we owe 226k on it. is 5.25 percent loan non owner occupi for 30 years the best we can do? We have a credit score of 740. We simply want to get a better rate with no cash out.
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June 27 2012 - Burlington
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  If this value were to be the same  froma year ago ...this loan to value would  be 87%....which is too high for lenders to lend on a rental 4 plex

do you have any idea if the loan qualifies for the  " HARP ...fannie/ freddie" loan program ?

Have you asked present lender if they can provide any refinance options  for you?


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June 27 2012
Dave has pretty much nailed. Is your loan eligible for HARP? If it is value should not be a huge issue and the rate should be bit better. If it is not HARP eligigle you will need at leat 80% LTV (75% or 70% is even better). 

Doug  
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June 27 2012
 
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4 plex refi rate
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Latest reply by Doug deBruyn
June 27 2012 | 2 answers
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