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Answers (3)
- Wilson Albeto, "Wilson Albeto"
- Contributions:3
Hello, Am private lender/Investor and I can [Promotional content and contact information removed by Zillow moderator. Please see ourGood Neighbor Policy for more information about posting in Advice.]
- Michael Abram, "Michael Abram"
- Contributions:17
Hello,
You can get a HARP loan. If you currently have MI and qualify for the program, you will have to have MI built into the new loan as well. I believe there are some lenders that will allow up to 125% even if they do not service the Fannie Mae loan, such as Wells Fargo. I don't know if that stands true on the retail side of loans, but on the wholesale side, you should be able to go to a higher LTV. If I can help out, let me know.
Good luck!
You can get a HARP loan. If you currently have MI and qualify for the program, you will have to have MI built into the new loan as well. I believe there are some lenders that will allow up to 125% even if they do not service the Fannie Mae loan, such as Wells Fargo. I don't know if that stands true on the retail side of loans, but on the wholesale side, you should be able to go to a higher LTV. If I can help out, let me know.
Good luck!
- Greg Cowart, "Roseville Loan Guy"
- Contributions:448
You could probably get qualified for the loan, but there is no Mortgage Insurance company anywhere that will underwrite MI at 125% LTV, or anywhere near it actually. You're going to have to wait until the value comes up and your balance goes down a little bit.
I don't have any advice as to what to do with the loan but I can advise, strongly, that you save that $20,000 and DO NOT put it towards the mortgage. Give me a call or e-mail if you want to know more about why...
Sincerely,
Greg
I don't have any advice as to what to do with the loan but I can advise, strongly, that you save that $20,000 and DO NOT put it towards the mortgage. Give me a call or e-mail if you want to know more about why...
Sincerely,
Greg
Can I get a Harp refi loan 125% with pmi?
House is worth maybe 180-200k.
Current interest rate is 6% is there anything I can do? I pay PMI and the loan was a Calhfa loan, we pay BOA mortgage every month they bought out country wide.
I dont really have a hard ship but do have 10-20k I could put into the house loan if it
was absolutely worth it. I understand there is a 125% harp loan available but Im not sure about the PMI problem. BOA when I called earlier this year said it would have to be within 105%. I have good credit score of 690-720 with a BK in 2004
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