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Ideas to refi Jumbo $495K not Fannie/Freddie, $5K equity, 805 score, non owner-occ?

Servicing recently transferred to NationStar who states it's not FHA becuz Jumbo and it's not HARP eligible.
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March 28 2013 - Ballard
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OP again: Thanks to Justin for info that documents w/Freddie Mac don't necessarily indicate they own it. I was fussin' because servicer has been wrong about pretty much everything so far (acquired 2 of our loans 4 mos. ago). Oher reason? Property address was wrong on the note; we corrected/initialed it everywhere on Lehman docs at signing; 6 years later, it's still wrong on all mortgage statements etc. 

I got a "bee" a couple of days ago I'd best pay attention to rates edging up, and y'all helped me problem solve re this particular property. Thanks.
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March 29 2013

When you obtained your loan, it was common that Fannie Mae or Freddie Mac closing instruments would be used for originating loans that would be packaged and sold to private investor, having Freddie Mac on a closing document from that timeframe would not imply they were ever intended to own the loan.   On the contrary, I believe your loan size was actually outside of Freddie Mac loan limits at the time of origination.

If Freddie Mac website and Nationstar both confirm the loan is not eligible for HARP, then your only options would be for traditional refinance and as mentioned in this thread unfortunately will not work for your profile.

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March 29 2013
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OP here: Original 5/1 ARM 01/2007 (Lehman kaput) shows FreddieMac on loan docs, yet address does not appear in their HARP look-up tool. Why? Nationstar who is now servicing loan sez it was sold to private investor. Is that right: it's who owns the loan now that determines HARP eligibility? They are 6-10 months backlogged on other refi instruments. 
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March 29 2013
Just checked and I do have a lender that will go to 80% LTV on a rate and term refinance for non-owner up to $500K loan amount with your credit score.

10/1 ARM in the high 3's to low 4's, 7/1 ARM in the mid 3's. Sorry, they do not have a 30 Yr fixed.

Does not really help you unless it somehow appraises for $620K. Sounds like you can sell it though, or keep it until values rise more.

Inventory is really low so you should see some appreciation over the next year unless we double-dip.

Doug 
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March 28 2013
Clue that it was not an FHA loan (FHA doesn't finance investment property)?

That is correct if talking about origination. There are tens of thousands of properties that were bought as Owner Occupied / FHA loan and converted to investment properties later. Those that were originated as FHA do qualify for a streamline even if now a rental property. Not all lenders will do an FHA investment streamline, including Nationstar, but plenty do.   
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March 28 2013
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Present rate is 5.65% via Aurora which is kaput. NationStar said 6-10 months backlog due to HARP activity. $100/mo positive cash flow. No PMI on last re-fi Aurora 2007, when it was a rental. Clue that it was not an FHA loan (FHA doesn't finance investment property)? Realtor said $525K; we're getting offers for $550K becuz Ballard is zero lot line and ours is a double lot so builder can put up a 4-plex. Credit score 805. 
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March 28 2013
Yes, if it already is an FHA loan you can do a no appraisal streamline. Is it FHA? Nationstar will not do a streamline if converted to investment and FHA. Confirm what type of loan you have.
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March 28 2013

if you have a realtor that  you know - ask them for a value opinion  ( in order to  cross reference the value you are getting from Zillow)

Did you specifically ask Nationstar  if they could assist with any internal  refinance  program ?  you might ask the same thing  to the lender that did the loan initally ?

was loan orignally a rental  loan?  was there intially  20% or more  equity in the  property at one point ?  whats  rate on present loan ?  are you presently paying mortgage insurance in payment ?

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March 28 2013
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Dang! No Harp, No FHA, No Cash-In. We have 1% equity per Zillow. So, if I look on my credit report and determine it is an FHA loan, still can't use streamline because it's investment property, right? We have $100 positive cash flow on this rental, so I guess we'll just wait until values inch back up. Thanks 
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March 28 2013
$495K in Ballard is not Jumbo. King County is a "High Cost" County. Anything between $417K and $506K is considered "Super Conforming". (FHA limit is still $567,500)  However, you cannot go FHA as it is a non-owner occupied property. 

If it was Fannie/Freddie and HARP eligible you could do that no problem. Super conforming LTV limit on a traditional refinance non-owner is 65% but I believe I have a lender that will go higher than that.

You are in a niche group of homeowners without options unless you wanted to do a "cash in" refinance, which I am guessing you do not want to do.  

Doug
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March 28 2013
so value is 500K?  and  its not a fannie  or freddie loan thats  eligible for HARP ?  and its a rental  property ?

is yes to all these - there  are likely no options to refinance the loan
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March 28 2013
FHA revised guidelines go into effect April 1st. PMI sticks for the life of the loan. Is that really an option?

Try either Washington Federal or Home Street.

Where is the property located?
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March 28 2013
FHA and HARP are two different programs, if you are in King county you can try to do a traditional FHA refinance on that loan amount up to 97.75% of your home's value.
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March 28 2013
 
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