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How can I refinance a rental property with LTV ~90%.

 I have excellent credit score and have 5/1 ARM. I want to take benefit of current low rates but current LTV of my rental property is ~90%. Is there anyway to get it refinanced?
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February 02 2012 - Portland
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The short answer is yes with our current lenders.

However, many loan parameters with the new HARP 2.0 program will be lender specific. In other words what some Lenders offer may be different than what other Lenders offer.
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February 08 2012
It's my understanding that it has to be owner-occupied to qualify for HARP. If you lived there within the last 12 months, you could qualify.

Outside that, I doubt you'll find anything without putting more money into the property to increase your equity to at least 20%.
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February 03 2012

1) see if it is eligible for the HARp program http://www.makinghomeaffordable.gov/programs/lower-rates/Pages/harp.aspx

2) contact present lender / servicer  to see if they can offer any " internal  type  refinance options

3) pay the loan down so you are at 80% loan to value and do a regualr refinance

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February 02 2012

If the loan is owned by Fannie or Freddie you can if the loan was written before mid-2009. If it isn't a Fannie or Freddie it will probably be difficult. The good news is you 5/1 ARM would probably adjust to a rate lower than today's fixed rates - depending on how the note reads.

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February 02 2012
 
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  • Asked by rbroadfoot
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