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Profile picture for bruehlt

Looking for a decent HARP 2.0 rate for my investment property - Central Florida

I have a property located in zip code 32738 - 3/2, built in 2005, upside-down on the value.  Primary mortgage value around $113k, secondary mortgage value around $18k.  Both through GMAC.  The loan is backed by Freddie Mac.  Zillow shows about property value to be around $85k.

I recently converted the property to a rental (investment property), as such I know the refinance rate will be higher due to increased risk premiums.  I've read up extensively about HARP 2.0, so I understand the requirements, etc.  The house qualifies for HARP based on the requirements.

Can anyone help with a FAIR rate?  I contacted GMAC, and the best they could do was 4.75% (the current rate is 6.25%).  I have excellent credit, never missed a payment, etc, etc.
  • July 06 2012 - US
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Answers (3)

Profile picture for Mike_Davidson
Travis,

We are a direct lender for Fannie Mae and Freddie Mac offering HARP refi's with no max LTV's on fixed rate products. 

Is the property a condo?  There are adjustments associated with investment condos, however 4.75% still seems a bit high.

Do you know if you received an Accept from the automated findings? 

Freddie tends to be a little more restrictive with debt ratios on investment/ condos but I've found that they are less restrictive with shorter term loans.

Feel free to contact me through my profile if you would like to discuss your options further.


  • July 09 2012
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I can only do PNC HARPs but my guess is that you won't find it a whole lot better outside of what GMAC is offering you.   That said, you can likely find it at least a little better if you shop around.  I'm happy to make a referral to a great lender than can probably handle it for you with a better offer.  Click on my name to contact me. 

And at least you know you have something worth doing through your lender if no one else can help.

  • July 06 2012
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Profile picture for bruehlt
Seems a lot of brokers / banks that I am talking to state they only handle Fannie Mae backed loans....?  This is very frustrating....
  • July 06 2012
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