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How to Refi with PMI and 100% LTV?

I am looking to refinance my home but I have PMI which is preventing me from taking advantage of the Fannie Mae Refi Plus program due to my PMI combined with a LTV around 100%.  Is there any way to work a refinance?  Are there any institutions that are giving 80-20 loans?  Thanks, Ron

Thanks, Ron.

  • August 12 2010 - Tacoma
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Answers (5)

good evening...As mentioned prior...an fha loan can go up to 97.75% ltv...plus finance the ufmip (which is now 2.25%) on top of that..it sounds like things are pretty tight for you...you may need to bring a few dollars to closing..or ask your lender to hold the rate up just an inch and offer you a lender credit to drive down thedollars needed to close...or a combination of the two.... hope that helps...
best regards-
bob mcclure
mortgage one
brighton, michigan
  • August 13 2010
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80/20 programs no longer exist.

  • August 13 2010
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not sure if it would result in the savings you are looking at, but you can look at an FHA loan that allows you to refinance up to 97.75% of your appraised value.
  • August 13 2010
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Ron:
Your current servicer should be able to offer a program that allows up to 125% LTV as long as they participate in the HARP program.  I think that is your only real chance for a refinance in your situation.
  • August 13 2010
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Ron, Unfortunately there are no 80-20 loans currently available in the market.  I would recommend going back directly to your current loan servicer to see if they can assist you under the Making Home Affordable program, as the current servicer should have the ability to refinance the loan even with the PMI...generally, it is only when you work with a new Lender or Broker that you're not able to proceed.  Best of luck!
  • August 12 2010
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