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Answers (7)
- Kelly Lacey, "kellylacey"
- Contributions:797
I don't get this...the HARP program doesn't require the LTV to be 95%-105%...this must be a BofA/Countrywide thing unless they just told you this to get you off the phone...
- Dave Skow, "daveskow"
- Contributions:1104
Ames lake
MHA program doesnt require that your mortgage in in default mode...you can have perfect credit and stil use this program
With your credit score and the high loan to value ...you might be best keeping what you have ....working on improving credit scores and then trying to refinance at the point when scores are better
MHA program doesnt require that your mortgage in in default mode...you can have perfect credit and stil use this program
With your credit score and the high loan to value ...you might be best keeping what you have ....working on improving credit scores and then trying to refinance at the point when scores are better
- MaxSohel
- Contributions:35
Loan modification denied coz I am not yet defaulter yet.Refinance denied since 1st mortgage LTV is 87%. To qualify the affordibility refinance program it must be between 95-125%.After keep trying several countrywide phone number finally they are able to give some quote (unwillingly) but that is worser than current one. They offered me the followins:1) 5/1 ARM 6.25 interest rate with 2 points (they told me my credit scoreis 680; they usually offer with 740)2)30 yr with 6% with 0.875 pointsI am not able to accept any of those two. Not sure what option I have left
- Dave Skow, "daveskow"
- Contributions:1104
what was the reason that Countrywide declined the MHA application?
with it being a freddie mac loan ...at this point you dont have many options than dealing with Countrywide
Have you tried talking to a BOA loan rep ( as they own CW now )...just an idea
with it being a freddie mac loan ...at this point you dont have many options than dealing with Countrywide
Have you tried talking to a BOA loan rep ( as they own CW now )...just an idea
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3421
The 95-125 might apply to the HAMP (modify program), I do not know too much about that aspect. However the HARP (refi) you should be eligible for at 87% LTV. You might want try calling them back to see again about the HARP loan.
- MaxSohel
- Contributions:35
It is a Freddie Mac loan.
Bank of America telling me that if the 1st loan is not between 95-125% LTV (my one is 87%) you are not qualified.
Bank of America telling me that if the 1st loan is not between 95-125% LTV (my one is 87%) you are not qualified.
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3421
If the purchase loan is Fannie Mae or Freddie Mac, you might be able to refinance that loan and keep your second as is.
However, if you achieve that, you will be looking most likely at an increased payment since interest only is not allowed on the Refi Plus program. If you can afford to make a similar payment and your main goal is to get a fixed rate, you need to find out if your loan is one of the above.
However, if you achieve that, you will be looking most likely at an increased payment since interest only is not allowed on the Refi Plus program. If you can afford to make a similar payment and your main goal is to get a fixed rate, you need to find out if your loan is one of the above.
Can I refinance my 1st Mortgage At least??
My home is worth - $465000 located in king county Washington state
1st Mortgage balance - $396000 (interest only loan 6%; 5 year ARM)
2nd Mortgage balance - $73000 (interest only 7.375%; 5 year ARM, originated during the purchase)
Tax - $3700
Insurance - $550/yr
I called countrywide for Making Home Affordability Modification/Refinance option and but they denied it for now.
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