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Lender who will do Harp 2.0 with LTV at 132%

 I have hit many road blocks and cannot get approved. I don't have any real assets and though my credit rating isn't bad (650) I have high debt, but all my bills, including mortgage are and have been paid on time since BK in 2003.
Fannie Mae owned, 132% LTV, Currently 6.625% 30 Year Conv. Owe $149K and Property Est. is $113K. Have PMI through RMIC. My current lender Green Tree will only go up to 125% LTV. Can anyone help me even though I have no assets and high debt???
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April 17 2012 - Woodhaven
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April 17 2012
Jeff,

Greentree is not a lender, so you'll have to apply with an outside lender.

With your credit score, this is the exact criteria I recommend asking when you look for a lender:

1.) Do you do Fannie Mae DU Refi Plus HARP loans above 132% LTV (as you asked)?
2.) Will you do PMI HARP loans if the PMI company is RMIC?
3.) Will you do the loan if Fannie Mae's desktop underwriter gives us an expanded approval?

The high-debt and other negative factors will be evaluated by Fannie Mae's engine, Desktop Underwriter.  If that system rejects you, you have no options.  If it gives you an approval, it's likely that your credit score, high debt and high loan-to-value will give you a lower-tier approval called an Expanded Approval, which comes in 3 levels (Level 1, 2 and 3).  Apply only with lenders who will do all expanded approval, high LTV and will work with RMIC.  That way if you get an expanded approval, you'll know that you can move forward. 

Good luck!
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April 18 2012
Jeff, what State are you in?  I may have a solution for you.
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April 23 2012
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I'm in a similar situation as Jeff.  Greentree is my servicer.   I qualified for the HARP 2.0 program, but no lender Greentree works with will accept my loan refi because we are have a 135% LTV.  We don't have PMI and have not missed a mortgage payment since I bought my home in 2006.  FYI...credit score is excellent. 

I think the HARP showed alot of promise, but will ultimately fail because lenders are not required to comply with the program.   In the end, the government will say they did something, and the banks will say that they did something.  However, homeowners will either have to suck it up and keep their underwater home or walk away from a sinking ship.  :-(

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April 24 2012

user0641393 -

What area are you located in?   It is true most lenders have placed restrictions on which HARP loans they will allow, but there are some that will follow Fannie and Freddie reccommendations directly and close the unlimited Loan to Value findings.

The wait times at these lenders are getting longer and longer due to the limited participation elsewhere, but the unlimited LTV loans ARE happening and available if you apply at the right places.
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April 24 2012

You need to find a broker that has access to expanded approvals with MI transfers.  I deal with the MI companies myself to expedite the process.  Good Luck.

 

I only Lend in Florida!

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April 25 2012
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April 26 2012

Based on the information you have provided my experience tells me you are probably getting a level 3 approval.  I would start by shopping with a broker who can handle a level 3 approval with a MI transfer.

 

I only lend in Florida!

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April 26 2012
Jeff,

Is your loan in California? If it is, I may be able to help.
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June 13 2012

Wecan goto 250% LTV on HARP 2.0 refinances. Call 865-429-2797...

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July 13 2012
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Hi Jeff,

I have an investment property in Las Vegas that's 185% LTV and is also with Green Tree.  My co-worker suggested that I call Quicken Loans and it turns out that they recently started working with Green Tree (for the past month or so).  Anyway, they quoted us 4.5% (ours is currently 6.25%).  We tried asking major banks but they wouldn't cover anything over 105% LTV.  We also have a second mortgage on that house, but HARP 2.0 doesn't cover that so we'll have to deal with that separately.

Here's his info, I hope it helps!

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October 12 2012
 
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Cannot get HARP 2.0 help because I have PMI
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August 06 2013 | 19 answers
  • Posted by JeffMajtyka
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Lender who will do Harp 2.0 with LTV at 132%
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Latest reply by user7641145
October 12 2012 | 11 answers
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