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Looking for lenders HARP Condo Refi (investment) with appraisal waiver - Fannie Mae owned

UGH! I've tried re-fi's with 2 banks, a broker and quicken loans all with no luck - the most recent excuse was that "we don't lend without an appraisal waiver and your mortgage is tagged as needing appraisal at Fannie Mae, try to sort that out with them and good luck with that..."

So we've got a Fannie Mae owned mortgage thats slightly underwater on a condo (that is a rental) in NC - credit etc not an issue at all. Can anyone recommend a lender that will refinance us regardless of this "appraisal required" business. We tried with an appraisal already through a broker and no dice. 

Pretty discouraging that the HARP program is in place but all the banks I've spoken to have done everything they can to not make a re-fi available. We've never missed a payment.

Anyone know of a lender that would deal with our situation? (which is a pretty common scenario).

-- Annoyed with lenders in NC






  • August 13 2012 - Charlotte
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Answers (3)

Hi Scott74m,

Take a look at our underwater mortgage resource center.  You can also look for mortgage quotes on Zillow Mortgage Marketplace.

Thanks,
Candace
Zillow Customer Support
  • August 13 2012
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If Fannie Mae does not offer appraisal waiver, what is your expected Loan to Value?   

Do you know if your application is receiving "Approve/Eligible" findings or "Expanded Approval"?

  • August 13 2012
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Option 1 - Have you contacted your current servicer?  They can refinance your loan under HARP without the appraisal waiver being an issue. 

Option 2 - Unless your HARP loan receives an appraisal waiver or your loan receives a APPROVE/ELIGIBLE and you pay for an appraisal, you are going to be hard pressed to get a HARP loan done.  The loan to value for investment property loans can be the biggest part of the issue.  Even though loan to value is not suppoed to matter, it does.  What is your loan amount to propery value?

  • August 13 2012
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