Prefer to talk in person? Find a mortgage specialist on Zillow
Profile picture for JeffMajtyka

Cannot get HARP 2.0 help because I have PMI

My current lender, Green Tree says they wont refinance my loan if it's over 95% LTV, and most others will only go to 125% LTV. I have found two lenders that would help until I mention I have PMI. My PMI is through (RMIC) which I believe are supporting HARP. My current LTV is about 145%, Never late since mortgage opened in 2007, Credit 680 - 710, 8+ years job history and low DTI. I reside in Michigan and cannot get any help. Quicken loans says they will only Refi up to 95% unless it goes through underwriting without an appraisal needed. I am currently 5 years into my 30 year conv. at 6.625% loan. Can anyone offer help?
  • March 27 2012 - Woodhaven
  • 1
    1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (19)

Is your current loan a FNMA or a Freddie Mac loan?
  • March 27 2012
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for JeffMajtyka
Sorry, I knew I was leaving something out. It is a Fannie Mae loan.
  • March 27 2012
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Unfortunately, I think you are out of luck for now. As far as I know (someone please correct me if I am wrong), any mortgage that currently has MI and an LTV >125% will not qualify for the HARP 2.0 program. Let me make this more concise:

You can qualify for HARP with an unlimited LTV if the loan has no MI.

or

You can qualify for HARP with an LTV<125% and recertified MI. 

but

You cannot qualify for HARP if you have a loan with an LTV>125% with MI.

If this is incorrect someone please let me know. It is a new program and I am still learning all of the guidelines. Also, this is my understanding according to my company's policies and procedures.

  • March 27 2012
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

My understanding is that if we can get a PIW at 125%, then this should be a doable deal.
  • March 27 2012
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for JeffMajtyka
Kyle, I believe you are correct from what I can find out. My next question is, what is the best way to determine your home true value? Should I pay $300 to get my own appraisal or what? Looking on different web sites the value varies +/- 40K. I may be around 125%, but based on websites I'm more like 140%. Its just so frustrating.
  • March 27 2012
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Yes, an appraisal will be the best way to determine the value because that is what lender's will use to determine the maximum they would be willing to lend. If you do your own appraisal be aware that you will have to pay for another one when you go to refinance, because lenders will want to use their own 3rd party appraisal provider. Depending on the accuracy of the report you pay for, the findings of the lender's appraisal may be different. It is a frusrating situation but, unfortunately, this has become a reality for many home owners. The guidelines of HARP are constantly evolving, so check back periodically to see if your situation has improved. 

You could also take Mark's suggestion and see if your lender can get a Property Inspection Waiver, avoiding the hassle of the appraisal (see below). You shoud call your lender and see if this would be a viable option.

@Mark

Yes, I believe that is true as long as AUS (DO/LP) findings align accordingly. There would be a $75.00 fee that can be charged to the borrower. As you well know, this would mostly depend on the investor's overlays.  
  • March 27 2012
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Kyle do not give advice unless you vet it.  Jeff you can participate in HARP 2.0 .  Your LTV is not an issue nor is the PMI.  You need to find a lender/ broker that knows what the rules of the road.  Let me know if you need help finding a lender.  
  • March 27 2012
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Chris,
 
I never claimed to know all, and I certainly don't see how you can tell Jeff he absolutely qualifies for HARP solely based on the information he has provided here. How are you finding out whether or not this property/transaction will qualify for a PIW without running DO? How do you know his MI company will recertify? It is quite possible that you have access to different resources than I do (I work for a small, locally owned mortgage bank) but, that does not give you the right to be condescending.

  • March 27 2012
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

I apologize for being condescending.  RMIC participates in HARP.  They have no LTV, DTI, or credit scores restirictions.  We have completed hundreds of FanieMae HARP 2.0 loans.  Some with LTV's to 300+% and have received appraisal waivers.
  • March 27 2012
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

You cannot qualify for HARP if you have a loan with an LTV>125% with MI.

If this is incorrect someone please let me know. 
=================
incorrect
  • March 27 2012
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

@Chris

Not a problem, thank you for your sincerity. I appreciate constructive criticism as long as there is an explanation. If you have had success with these in the past then I sincerely hope you are able to help Jeff out, or point him in the right direction. I use Zillow as a tool to build my own knowledge and help other people do the same. I do appreciate brutal honesty where it is due. Arizona (where I am located) is a volatile market and getting the PIW has proved to be difficult in some cases (not all). I hope this changes in the future, as I would really like to help people who find themselves in situations similar Jeff's.

@ Jeff

I apologize if anything I said seemed misleading. I was just going off of my own experiences and what I have heard from lenders I have spoken with. It looks like Chris is a great resource and I wish you the best of luck! 
  • March 27 2012
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for JeffMajtyka
@ Kyle. Now worries, you were only offering what knowledge you have and I greatly appreciate that. TY!

@ Chris. I would also like to thank you for your help as well. I will contact you directly via email and hopefully you can help me out.

Again, Thank you both for your help and guidance you have offered. This is certainly a learning experience.
  • March 28 2012
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

We definitey have sources and have several approvals for a loan with PMI and over 125% loan-to-value.

[content removed by Zillow due to spam.  Please refer to our Good Neighbor Policy for details.]

  • April 03 2012
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for JeffMajtyka
Well, NOW I've been rejected by Fannie Mae for a different reason. Seems if you have credit card debt and no real assets you cannot get approved. This is just absolutely ridiculous. I have good credit, no late payments on anything, including my mortgage in 9 years, but because I don't have any real assets I'm out of luck. If I had tons of money stacked away I wouldn't be looking for help.
  • April 10 2012
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

I have done Harp with MI no max LTV and majority of the appraisal have been waived. We just have to transfer the current PMI Hope this helps. May ltv so far i had done was 182%
  • May 27 2012
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Jeff,

I am a licensed mortgage loan officer in Michigan and see no reason why your loan cannot be refinanced under the HARP program, we are doing this without issues.

 
  • May 28 2012
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for FL RENTS
I just successfully refinanced a very underwater rental home in Florida - we are talking over 100k underwater here - via Harp II. The mortgagee was originally Greentree. It is great to be out from under Greentree.
I am writing to help others in the same boat.
The key is EXCELLENT CREDIT and CURRENT ON MORTGAGE. There are many people who post that Harp II doesn't work for them if they have PMI (not true - I just refinanced and I had a ton of PMI left). There are many people who post that Harp II doesn't work for them if the home way underwater (not true again). What they don't want to tell you is that their credit isn't up to par.
If you have good credit, and your loan is Fannie May or Freddie Mac backed, you can get a lender to work with you on Harp II.
I went from 6.75% 30 year (22 years left) to a 15 year 3.62%. This was on a Florida RENTAL that was WAY UNDERWATER with PLENTY of PMI.
Saved THOUSANDS. BUT- you need GOOD to EXCELLENT CREDIT.
I used 1st2ndMortgage Company of New Jersey.
  • November 10 2012
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

impossible i think....
  • March 03 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

All the guidelines I have seen and heard from alot of other Mortgage Banks here in Texas is that you cannot transfer PMI on a HARP refi ala DU Refi Plus with a PIW, IF you currently have MI. If you dont have PMI currently and you have an LTV > 80% then you can qualify. Why is it that all of our MI companies cannot re-issue the PMI, this has been the consensus across the board from every respected/knowledgeable Mortgage Originator I have ever know or talked to since HARP/DU Refi Plus/ Freddie Open Access came out 
  • August 06 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.