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NEED help re-financing loan on a rental condo

Fannie Mae loan owned by Citimortgage with loan amount at $265,000.  Condo (roughly) estimated at $250,000 in Huntington Beach.  Condo has two bedrooms/ 1 1/2 bathrooms, 2 levels.  Hoa is run by 4 owners at $175.00/monthly dues.  This is our rental unit.  Citi says they can't re-finance unless it has 20% equity.  PLEASE help!!
What would happen if we defaulted on this loan?  We own our primary house.
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October 27 2010 - Huntington Beach
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Answers (6)

You should have no problem getting a DU Refi Plus refinance.  I just completed a loan similar to yours over at Bolsa Chica/Warner area and they were a lot higher than a 106% loan to value.

If you'd like to discuss your options feel free to contact me via my Zillow profile.
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October 29 2010
If in fact you have a Fannie Mae loan, you current servicer- CitiBank should easily be able to refinance this loan.  You must obviously still qualify.  I would under no circumstances not pay the current mortgage as you are taking a chance at ruining your credit.

Put a quote a loan inquiry on Zillow and mention-  DU REFI PLUS, CONDO, INVESTMENT, LTV 110%.  I am sure you will get quotes-  Also mention that CITI currently services the loan.
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October 28 2010
You should be able to qualify for Fannie Mae DU Refi Plus program for a new 30 yr fixed rate loan.
Just because Citi says 'NO', they have their own overlays (guidelines to protect the company's interests)
Talk to a direct lender/ broker for specifics.
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October 28 2010
Freddie Mac offers the Relief Refinance, a program similar to The Fannie Mae DU Refi Plus.  Use the following link to see Freddie Mac owns your loan.

https://ww3.freddiemac.com/corporate/
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October 27 2010
Is you loan really owned by Fannie Mae?  Use the wesbite below to verify if Fannie Mae owns your loan. Fannie Mae Loan lookup


Fannie Mae information on Home Affordable Refinance.  
Home Affordable Refinance

Who can benefit from the Refi Plus Program? Borrowers trying to refinance out of an adjustable rate mortgage, or a borrower looking to lower their monthly payment. Another important benefit is for borrowers whose LTV may have risen to 125%. For instance, let's say your mortgage is $375,000, but your home is worth $300,000. You would be eligible to qualify for this loan because your LTV would be 125%.

What are some of the major highlights of this loan program?

  • Max 125% LTV and no max for CLTV
  • Properties eligible are Owner Occupied, 2nd Homes and Non-owner Occupied (Investor)
  • No mortgage insurance if existing loan does not have mortgage insurance,regardless of new LTV
  • 2nd home must be 1-unit
  • For investment property, no limit on the number of mortgages to the same owner.

Talk your lender about the Making Home Affordable program.

I hope this helps....

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October 27 2010
Refinancing a rental property without at least 20% equity is impossible (as far as I know) in this market.

If you default on the loan your credit will be severely impacted.  Any chance you have equity in your primary that you could cash out to pay down the mortgage on your rental?  Contact me via my profile if you want to explore any options available.
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October 27 2010
 
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