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Any suggestions on refinancing Fannie Mae Loan with mortgage insurance premium?

  • July 07 2011 - US
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Answers (23)

To start, you should be checking with your mortgage insurance company about THEIR reissue policy.   For example, Radian is one of the primary mortgage insurance companies.   They will offer a new cert on a HARP refinance up 105% LTV, but for over 105% they will only reissue an existing cert to the current servicer.

Most likely if you have MI at 115% LTV, and your current servicer will not offer you the program at that LTV, you won't be able to particpate in HARP.
  • July 14 2011
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I'm not looking to get rid of the MIP.  I just want to refinance to get a lower interest rate and to get my current mortgage out of a 10 yr interest only then converting to a fixed rated after that.  I just want a lower rate.  I am currently at 115% LTV.  I have tried for the HARP program from my current lender and don't qualify due to the LTV.
  • July 14 2011
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Typically with the HARP program (Home Affordable Refinance Program), eligible loans that currently have mortgage insurance can only be refinance by the existing servicer.  Unfortunately, some servicers do not maintain any retail lending operations, and therefore may not be able to offer any assistance. 
  • July 14 2011
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Clay, I was addressing Kinders frustration with his efforts when he tried to get a government loan mod. Hope Kinders finds luck & good guidance with a loan mod or govt. refi program.

  • July 14 2011
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Wanda, no. it doesn't work like that.

Notsofast, you are mixing a loan mod with a refinance.
  • July 14 2011
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I keep an anonymous profile here so can't really email you.

We'll only do them on loans we already service. sometimes it helps to call several loan officers within the same company that now services your loan. I've helped some people who were told by other LOs in my company we don't do them which just shows not all LOs are cognizant of the program.
  • July 14 2011
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I believe you can  opt out of PMI if you refy to a 15 year loan. Sometimes the payment is almost the same as 30 year with PMI. But call your mortgager, actually call three.
  • July 14 2011
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Kinders, check out Loansafe.org website. It has a great support forum for homeowners trying or have sucessfully modified Fannie Mae loans.

I'm trying to get rid of my Private Mortgage Insurance (PMI), but no one here seems to know a lot about government refi programs for folks who are upside down/underwater:(

Good Luck!
  • July 14 2011
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Norm could you please email me at kyle.jones@bellsouth.net.  I would like to see if you can help me on a loan.

Thanks!
  • July 11 2011
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underground movement, lol!
  • July 08 2011
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its an underground movement, right now I'm brushing up on Checkers II.
  • July 08 2011
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They didn't :) 125% with MI are not easy to come by, I would contact the President too! Hey, I didn't see you officially announce your comeback, given the pathetic jobs # you may have a shot this voting cycle. ( just don't bring up QE3 )  
  • July 08 2011
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check your email for Clay's message.  ;-)
  • July 08 2011
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Kinders, check your email.
  • July 08 2011
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Andrew it is MIP that I pay monthly on my mortgage.  I have verified the loan with Fannie Mae also.  We lost equity in our home because we bought it directly from the builder rather than through the agent.  We were 6% short of us owing less that 80 % of the loan to value when we bought our house.  I also used Quicken Loans to finance my house which would never happen again.
Paul thanks for the contact.  I'll give Clay a call to see what he has to offer.
T.C. I agree with you on the HAMP.  Once I got everything together they needed and waited a month I get the letter saying we aren't in a hardship so the HAMP is not for us.  I told them up front we weren't in a hardship.  I feel like those folks are just reading a script.  I would like to have anyone's name that you can refer me to.  I know there has got to be some way to refinance someone who pays their mortgage and only wants a lower rate.  If you would rather send the information on email you can do so at kyle.jones@bellsouth.net
  • July 08 2011
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Contact Clay Branch.

http://www.zillow.com/profile/Georgia-Loans/

Clay is super smart, honest and has access to the lowest interest rates out there.
  • July 07 2011
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I can give you a great referral in GA as well.  Let me know if you'd like one.   The lender I used to work for is great but I don't recall which of my former colleagues on the team has the GA license.  Always good to get a second opinion.   The people answering the phones in the "HAMP department" typically don't get paid very well (and often aren't compensated to get HAMPs done) and hence are more prone to mistakes than they might be.   They're probably right, but it doesn't hurt to get a second opinion.
  • July 07 2011
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You keep saying MIP.  MIP is a term most often used for an FHA loan.  Do you pay Mortgage Insurance Monthly?

Kinders - I think Norm is in FLA (Guess) if I were in Georgia I would give a call to Clay Branch. 
  • July 07 2011
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I appreciate all the information from both of you.  My loan is a Fannie Mae.  I've tried the HAMP through my current mortgage company and was told no because we were not in a hardship.  I tried the HARP with a different lender and was told the MIP threw me out of that program.  This has been so frustrating for someone who has good credit and never late on a payment.  Norm are you by chance interested in taking a look at my information?  I'm in Georgia.
  • July 07 2011
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the loan was designed for loan with or without PMI  (including LPMI). I've done quite a few to 125% as have many of the other lenders on this site.
  • July 07 2011
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No, the 125% is not new.   It's been that way since the start.  The problem you're running into is that the program was designed to be for people that didn't have PMI (people that were below 80%) and not really designed for those that did.  That said, I have heard that some people are able to get it even though they do indeed have pmi.  I haven't done one ffor someone with PMI myself, so I don't know the exact details of that.  Hopefully someone else here does.  

There is an eligibilty tool on the fannie and freddy websites where you can plug in you info to see if they own your loan.  That's a key. 

If your loan is ineligible for the refi program than the next thing to try might be a "Loan Modification."   Call up your lender and ask to speak to their "loss mitigation" department and tell them you want to see if you qualify for a loan modification.  You might get your payments lowered that way.   But, the HARP or MHA program is the ONLY way to get a refinance when you owe more than it's worth. 
  • July 07 2011
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Yes I am upside down too.  I have been trying to refinance for about 4 months now and keep getting told 'no' because of the MIP and being upside down.  Makes no sense to me.  I just want to get in on the lower rates.  Do you know if the 125% program is new?  My mortgage company told me there might be a program coming out the end of July that would do the 125% and MIP. Thanks!
  • July 07 2011
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Based on your other post, I guess you mean you're upside down on it too.  See my advice there.
  • July 07 2011
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