More than one lender option? "Making Home Affordable Program"

I have a dilemma that I'm hoping someone can offer some valuable input to...

My 1st loan servicer (Bank of America) says I qualify for the "Making Home Affordable Program" and could refinance.  2nd lien holder subordination should not be a problem.

Are my lender options limited to the existing loan servicer only - or can any lender / broker refinance me?  I've had two brokers tell me only BofA can do this, but this article seems to say otherwise: http://www.freddiemac.com/sell/factsheets/relief_refi.html

Hopefully someone can offer some valuable input....  I would like to have more than one option for refi!!
  • December 30 2009 - Roseville
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Answers (8)

You did not say who the holder of the 2nd mortgage is.

I would be more concerned about whether that lender actually will subordinate.  Many are saying no to these subordinations at high cltv.

Good luck.
  • December 31 2009
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Profile picture for Gtown2008!
Bear in mind that Bank of America may not be willing to subordinate the 2nd lien to another lender, depending on the LTV.
  • December 31 2009
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Also bear in mind that if Bank of America holds both of the current liens, they may not be willing to subordinate the 2nd to another lender depending on the LTV.
  • December 31 2009
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As long as your new loan amount is less than 105% of your home's appraised value, you should have several options in lenders you can use.  If your new loan amount is greater than 105% (but not exceeding 125%) you will most likely have to use your current lender.

Your credit scores may also limit the number of lenders you can use since their guidelines could present restrictions in that respect.
  • December 30 2009
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Profile picture for uz2bnoworries
I am not a professional in finance, but just went through the HARP refi process with my 1st loan/mortgage servicer Chase.  I am submitting my understanding of what's been discussed so far for the sake of other readers who may have the same questions as Mr. Petersen.  It's my understanding you can refinance under the "Making Home Affordable Program" up to 125% of your home's current value.  Additionally, if your current 1st mortgage has PMI, it will stay the same with the new HARP refi, and if your current mortgage does not have PMI the new HARP refi won't.  Also, any institution that qualifies as a Fannie Mae, or Freddie Mac lender, is a viable/qualified lender you could work with.  I think the advantage of going with your current 1st mortgage "servicer", BOA, is the process would likely be simplified as compared to refinancing with a "different" lender.  Again, I'm not "challenging" the previous input, but am pretty sure the clarifications I've submitted for your consideration are accurate.  I hope they help you, or any other zillow reader interested in the HARP refi. 
  • December 30 2009
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Submit a loan quote request on Zillow.  There are several lenders that offer this program as long as the LTV is at 105% or lower. 
  • December 30 2009
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Good to hear - I meet both criteria.  Many thanks for the answer.  Anyone else feel free to add anything if there is more info or other caveats to this.
  • December 30 2009
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If your current loan  does NOT have PMI AND if you are financing a first mortgage at 105% or less of your current appraised value, then you should be able to get other quotes and have more than one option.
  • December 30 2009
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