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Looing to Refinanace ASAP - Anyone doing the Freddie Open Access yet?

I have been given the run around from Chase for 6 months now on a refi and I've had enough (Re: http://www.zillow.com/advice-thread/Is-there-any-way-to-avoid-PMI/225113/ ).  So starting October 1st the Making Homes Affordable Open Access program started and I can go somewhere other then Chase to refinance (re: http://www.freddiemac.com/sell/factsheets/relief_refi_open_access.html ).  Now I can't find anyone that can do it!

Anyone on here that can do this program yet?  I bought the house  3 years ago for 260k, current Zillow Estimate 252k.  I owe 199k.  The load was a 30 year fixed at  6% through Chase backed by Freddie.

I don't currently pay PMI and I don't plan on it.  If the house appraised for above 250k then I would go with anyone but I'm not going to waste my money on a appraisal and have the lender tell me they will need PMI so if you can't do this program then I don't want to deal with you.  My last credit score was 800+, no late payments.  From the Open Access page I fully qualify.  I want to refinance to something sub 5% @ 20 year.  I've done multiple quote requests but there just automated and those that I have emailed either don't do the program or "have a lender that may".  I don't want to waste even more time past the 6 months I've already been dealing with this.  Want to be done and refinanced before the end of the year.

Who can help me?

-Allan
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October 06 2009 - Burton
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Replies (11)

Profile picture for mortgage_advice
Hi Allan

I'm in the same situation as you are!  I posted a similar question just minutes ago.  It's so frustrating... spent countless hours hunting around.  Always told that "something is in the works". 

Let me know if you find anything, I'll do the same for you.

Cheers,
j
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October 06 2009

With Loan To Value Lesser than 80%, you can go conventional loan. there is not need apply for Making Homes Affordable Program.
You can try Zillow mortgage quotes or go to your local small mortgage office to apply for the loan, or go to BankOfAmerica or CitiMortgage to apply for the loan (the big banks are a little more expensive).
I just refinancing my home LTV is 80%, 4.375% interest rate, 15 years term by small mortgage office.
If you unsure your home value is more than $240k, usually the small mortgage office works together with the realtor, the realtor can help to do the comp before they open the loan application and hire the appraiser (today the bank hires the appraiser)

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October 06 2009
Profile picture for vseven
Yes but under the open access program all fees (up to $5000) can be rolled into the refinance AND the LTV can go as high as 125%.  Now I'm not worried able the LTV going that high but with the current economic situation I doubt the zillow estimate of 252k is right and my home will most likely appraise above the 80% LTV.

So in short I want a lender that can do both.  This way if the appraisal comes back at say 240k they do the refinance through the open access program and I still don't have to worry about mortgage interest.  That and no cash out of pocket is a big plus.

-Allan
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October 07 2009
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Allan:

I've only found Flagstar Bancorp.  In my situation, the LTV is around 95% now.  I always thought that under HASP I'd also get a rate as if the LTV is <80%, but that is not the case.  Flagstar's rates weren't even close to being competitive. 

Thanks for your update!
Cheers,
J
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October 08 2009
The adjustments over 105% are pretty high.  You aren't going to find the same rate on 125% loans as you will find on 80% loans.  These adjustments will pretty much be the same at every lender.
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October 08 2009
Profile picture for vseven
I was told by one lender that the rate for under 80% will be the same for up to 125% under the program.  In fact I have a GFE and a email stating that.

-Allan
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October 08 2009
Rate might be the same, but the fees will not be.  There are High LTV adjustments at every lender I know of.  If there was one that did not have the High LTV adjustments, I would sure like to know who they are.
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October 08 2009
Profile picture for vseven
Ok....so with the "Open Access" program if I get quoted a rate and fees assuming under 80% LTV then my house appraises for 90% LTV I won't have to pay PMI (per the program) but the lender could jack up the fees? 

How is this helping people???  I found a lender that could do a 20 year through the open access program but his fees were kinda high.  Then I found another lender with reasonable fees but can only offer a 15 or 30 year through open access and not the 20 year I want.  He gave me a GFE assuming 90% LTV as a just in case and both rate and fees are good but I really want a 20 year if possible.

I'm getting very frustrated with this whole ordeal.
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October 08 2009
Yes, you can do 90% with no PMI. 

At 740 or better FICO scores, your rate and costs will be the same from 60% to 95% LTV.  At 95% or above the rate/costs will increase.

So in your case, if you are at 90, you have been given accurate information.
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October 08 2009
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Yeah, FICO is 800+.  Thank you for the info, it helps a bit.

-Allan
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October 08 2009
Any one of us on here can help you out with that loan scenario. Post a loan request, I guarantee you will get bombarded with quotes.

I can do this loan, I would do it through Flagstar Bank, they do have high hits for 125% but just as Justin Sheftell stated there are no hits up to 90%, its just as if you have 60%.

Also there is no PMI, if you dont have MI now there wont be on the new loan.

Good Luck, let me know if you need any help!
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October 08 2009
 
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