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

I have Fannie Mae owned loan with LPMI of $595K on home worth $620K. Can I Refi under Obama's Refi?

I have been turned down by my current lender BOA for Refi since I have LPMI (lender paid MI) on my loan. Does anyone know or have experience doing Refi under the Obama's Making Home Affordable Refinance plan for loans that have a lender paid MI in CA? I have confirmed that loan is held by Fannie Mae.Appreciate any help on the same.
  • September 03 2009 - Parkmont
  • 0
    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.

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

Answers (4)

I 100% agree with you.  The problem boils down to the MI companies.  Lenders want to do these loans, but without MI coverage, they can't.  The lenders are getting all the pressure and incentives, but not the MI companies...

You're in the same situation as the borrowers that want the 125% program.  It exists, but lenders can't do them because no MI company will insure the loan!
  • September 10 2009
  • 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.

Profile picture for mark4374
I have LPMI as well and Aurora Loan Services told me no. I wrote a letter to the President and my Congressmen, not sure what else to do. Very frustrating!!!  This plan is not helping nearly the #'s it should have, It needs a major overhaul.
  • September 10 2009
  • 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.

Using the HARP is not possible on LPMI loans.  There are no MI companies that will insure the loan.
  • September 04 2009
  • 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.

I have not been able to find an investor who will take a Refi Plus with LPMI. Your current lender/servicer is your only option, I thought if they said no it is time to call Obama.
  • September 03 2009
  • 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.