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Lenders in Michigan doing HARP 2.0 without overlays?

I am trying to refinance my Condo under HARP 2.0, I thoroughly reviewed the rules and confirmed that I qualify for HARP 2. My usual mortgage broker is unable to find a lender that will refinance my loan due to LTV restrictions (overlays by the lender currently do not go above 150% LTV).

Does anyone know a Michigan lender that could do a refinance? My estimated LTV is between 150 - 200%, My credit score is good (above 720) the property is an investment property and is a condominum (single family).

Is anyone able to do this or do I have to wait for the banks to get competitive?

Thanks
  • May 08 2012 - Southfield
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Answers (2)

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For those looking for an answer to this question, in short it is "no". There are no banks that do HARP above 150% LTV in Michigan at this time.
 
A few brokers contacted me privately and said they could go unlimited, but then said they couldnt go above 125%, or were either unresponsive or didnt understand what I was asking.

DU did not waive an appraisal and I am 100% sure I am way above 150% LTV. Until competition heats up HARP 2 is a complete failure for those of us with high LTVs. Oh well, its on me.

  • May 15 2012
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If you already applied with the broker, you should ask them to run your application through Fannie Mae or Freddie Mac automated underwriting software to determine if you are even approved at "the core" before you decide on what lender might work for you.   

For the profile you mentioned, it is quite likely Freddie Mac software will come back with "Caution" result meaning they do not approve the application for their Open Access version of the program.

For Fannie Mae, you would likely be looking at Expanded Approval findings, and it will then be important to know if those findings also include an appraisal waiver option at the Fannie Mae suggested value.   

Once you know your detailed findings and results a proper lender selection could possibly be made.   If your broker doesn't want to run your findings because they know they don't have any lenders, try and find a broker in your area who could do this preliminary task for you to help you in your search.

  • May 08 2012
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