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I have a 80/20 mortgage.Can i qualify for HARP or resonable refinance under 1 loan?

I have excellent credit and looking to take advantage of new low rates. I underwater by
20K. Need some advice. I have excellent credit. I can I refinance up to the value amount? 165K/36K

  • December 23 2011 - Southeast Raleigh
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Answers (5)

Brosko, HARP is to help Fannie Mae and Freddie Mac avoid defaults, they already own the 80% so they'll help you with that portion.   They have no interest in taking on additional risk.

Consider that you purchased with no money down (which is very hard to come by in this market unless you are a veteran), and you have a chance to improve 80% of your debt for an upside down property.   You should be happy to have a chance to at least do something to improve.
  • February 10 2012
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Profile picture for brosko
I am in a similar situation...80/20 loan originated with Countrywide...then became BOA (you all know that story)...BOA retained the 80% but sold the 20% to another lender.  BOA will refie the 1st loan since it is Fannie and the 20% lender will subordinate the loan but... what really gets my goat is that I am still stuck with the 20% loan at a interest rate of 6.75%

I want to refinance my entire loan balance, not just a piece of it!  I feel trapped by the second lender and loan.
  • February 10 2012
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Some lenders will go up to 125% loan to value as long as your loan is owned by Fannie or Freddie 
==================
the LTV limit for HARP was removed December 1st.
  • January 07 2012
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When did you have an appraisal last?  What was that value?

What are your current rates on those two loans and what was the original purchase date and price?

Who holds the second note?  Knowing some more details might help determine if the second could be re-subordinated.

I am assuming this is a primary residence, correct?  



  • January 07 2012
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Some lenders will go up to 125% loan to value as long as your loan is owned by Fannie or Freddie. Only your first mortgage can be refinanced. Fannie and Freddie will not take on a second. I suggest contact a local lender or shoot me an email with the details for a cost vs benefit analysis.
  • December 23 2011
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