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Looking for a HARP refi

Living in VA and looking for a HARP refi.  Currently, have first mort. of 406k @ 7.5% with home value indicated at approx. 360k on Zillow.  My loan is backed by Freddie Mac and serviced by Indymac/One West but they do no refi freddy mac loans.  Any suggestions?

  • January 11 2011 - Stafford
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Answers (5)

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Thanks Mark, Nick and Ryan.  Ryan, no I do not currently have PMI.  I hear that is a deal killer in most cases. My second loan holder has agreed to subordinate for $300.   Again, thanks for the information.  I'm just starting the process and will contact you for product information. 
  • January 12 2011
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Do you currently have mortgage insurance? I have a loan right now that they are at 115% loan to value, and the problem is not with the lender, it is with the PMI companies not wanting to go that high. Each lender seems to have their own credit overlays with the program, so you typically won't get one concrete answer.

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  • January 12 2011
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We are able to go to 125% on HARP programs.
  • January 12 2011
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Most lenders may only be only able to go up to 105% of home value.  ie: Loan amount of $378,000.  Would you be able to pay down the mortgage to this amount? 

You may be able to go up to 125% of the loan amount with some lenders.  I believe the programs are set to expire in June of this year.
  • January 12 2011
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The basic rules for Freddie loans are:
1. If you currently do not pay mortgage insurance, you will not be required to.
2. If you do not have an escrow account, you will not be required to do so, as long as the new mortgage amount is not greater than 90% of the value.
3. Your current loan must have been closed prior to May 31st, 2009
4. No more than $5,000 can be rolled into the new loan.
5. Depending on the type of property you have, presence of a 2nd mortgage or HELOC, credit scores and final loan-to-value, there may be additional fees charged by Freddie Mac.
6. The new mortgage = payoff of your current loan + no more than $5,000.
7. You can not get more than $250 out at closing.

Hope this helps.

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  • January 11 2011
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