Profile picture for MyTonyTiger

Need help with HARP 2.0 Loan in KY

I've been trying with several lenders to get a HARP 2.0 refinance on my current loan. I qualify for the program. However every lender says I'm ineligable to finance through them with HARP 2.0 once they hear I have PMI on my current loan (not LPMI). I have great credit (740-780), great debt to income ratio, My current LTV is about 97%. My current loan is through Bank of America. Any ideas on how to take advantage of these low rates? I'm currently paying 7% and have been in the loan for just over 5 years.

This whole PMI clause is really frustrating.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 17 2012 - Paducah
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (8)

Profile picture for sunnyview
Congratulations on your close! Sounds like you got a great rate and that you will be saving money AND paying your loan off earlier. Always nice to hear about successful HARPs.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 28 2012
Profile picture for MyTonyTiger
We signed closing papers with Bank of America on 11/21, and the loan closed out yesterday (online). We are on the new loan at 3.375%. With no money out of pocket at closing. Closing costs were low too. We went from a 30 year to a 20 year and are still saving over $100 a month. Fantastic! Just over 30 days to close too.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 28 2012
Profile picture for MyTonyTiger

Well, Bank of America stepped up their game and significantly reduced their quoted interest rate AND closing costs. I've decided to let them try since they already have the loan. Hopefully it will move through the process quickly and we can close before the end of the year.

Thanks to all who replied and spoke to me over the phone.

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 22 2012

I would try another lender because your situation sounds very simple.  Some of the big banks are not taking loans with mortgage insurance or higher loan to values but there are many lenders or brokers that can help you. 

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 20 2012
MyTonyTiger,

We can help you out with your situation.  Participating MI companies simply issue a modification to your existing policy and allow new servicers to refinance your loan with the existing MI terms.

Additionally, LPMI can be modified to borrower paid MI for HARP 2.0 transactions.

Feel free to contact me through my profile if you'd like to discuss this further.

Good luck!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 19 2012
You've not contacted many lenders then? Many of them can help you at that LTV with PMI.

Regardless you could also just pay it down a bit and do a regular rate and term refinance at 95% LTV with just about any lender if your DTI is under 45%.


big banks As soon as they hear mortgage insurance they run. 
====================
no we don't. not all of us anyhow.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 19 2012
Profile picture for BofA_Help
[information removed by Zillow due to spam.  Please refer to our Good Neighbor Policy for details.]
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 19 2012

Review my profile.  I am doing one there currently with MI.  You have to stay away from the big banks.  As soon as they here mortgage insurance they run.  I can transfer easily.

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 17 2012
 
Related Questions
Need help with HARP 2.0 Loan in KY
Profile picture for sunnyview
Latest answer by sunnyview
November 28 2012 | 8 answers
  • Asked by MyTonyTiger
  • In Refinance
  • October 17 2012
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 4020 Lovelaceville Rd, Paducah, KY Home For Sale
    4020 Lovelaceville Rd, Paducah, KY 42001

     For Sale: $60,000

    • Beds: 2
    • Sqft: 1092
    • Baths: 1.0
    • Lot: 39204
  2. 1403 Old Mayfield Rd, Paducah, KY Home For Sale
    1403 Old Mayfield Rd, Paducah, KY 42003

     For Sale: N/A

    • Beds: 2
    • Sqft: 896
    • Baths: 1.0
    • Lot: 6534
  3. 1375 Krebs Station Rd, Paducah, KY Home For Sale
    1375 Krebs Station Rd, Paducah, KY 42003

     For Sale: $159,900

    • Beds: 3
    • Sqft: 2068
    • Baths: 3.0
    • Lot: 348480