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I have a Fannie Mae loan, High LTV Is there any lendors that can help or are we out of luck?

We have a Fannie Mae loan, $200K left on loan, but the value calculator for our home is $115K.  Credit is not an issue, never missed a payment, but the loan officer we have talked to says that we cant refinance unless the LTV is at 140.  Is there any lendors that can help or are we out of luck?
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November 28 2012 - Phoenix
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So the loan officer that you were speaking to ran your credit and the system showed that your home is only worth $115K.  Where are you located in Phoenix, that seems off . . .

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November 28 2012
Ask for the DU findings and look what Fannie thinks of the property. I'd probably bet the LO has no clue how to correctly do these loans based on the banks overlays.
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November 28 2012
Fannie Mae does not have an LTV limit, but many lenders set their own limits for risk anywhere from 105% LTV to 150%LTV.  You need to shop around for a lender with a higher LTV limit. Have you talked with your current lender they would be the best bet for the highest LTV limit?  Good Luck!
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November 28 2012
There are many lenders that allow the Unlimited LTV as long as Fannie Mae underwriting software approves the file. Often the very high Loan to Value will return an Expanded approval result. Depending on your profile you need at a minimum an Unlimited LTV lender and possibly one that also allows Expanded Approval. I would seek out a local mortgage broker in your area familiar with HARP as they will often have access and knowledge to the right lenders for the tougher HARP profiles.
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November 29 2012

If he was capped at 140LTV then that is a lender overlay.  I would start with someone local that has many different lenders to place your loan.

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November 29 2012
I work with several lenders that might be able to help you.  Please let me know if you want me to send you their contact information.
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November 29 2012
How long have you been in the home? Have you spoken to an appraiser yet?

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November 29 2012
The most important questions that need to be asked are the following;

1.  When was your loan last origanted? Before May 2009 or after?

2. Do you have private mortgage insurance?

3. Do you have a second mortgage as well?

4. How do you know you have a Fannie Mae loan?
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November 29 2012
 
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