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Answers (2)
- Chris Corica, "Chris Corica"
- Contributions:1075
A few things to follow up Patricks post;
He is correct about the DU Refi Plus program. The first step is to go to http://www.fanniemae.com/loanlookup/ and see if your loan is owned by Fannie Mae. If so, you may have option's available as long as you are NOT currently paying PMI. If you are, it would make you ineligible for this product. If not, while the guidelines say they go to 125% loan to value, all the lenders I know of have capped the LTV at 105%. Hope this helps. Feel free to contact me with any question's. Best of luck.
He is correct about the DU Refi Plus program. The first step is to go to http://www.fanniemae.com/loanlookup/ and see if your loan is owned by Fannie Mae. If so, you may have option's available as long as you are NOT currently paying PMI. If you are, it would make you ineligible for this product. If not, while the guidelines say they go to 125% loan to value, all the lenders I know of have capped the LTV at 105%. Hope this helps. Feel free to contact me with any question's. Best of luck.
- Patrick Nolan, "Bucks County Banker"
- Contributions:239
1) Investment property loans are eligible for HARP refinances, so first step is to find out if either Fannie Mae or Freddie Mac are the underlying owner of your loan
2) At the present time the maximum loan to value ratio for a HARP refi is 125% and your present loan balance and property value may exceed that. If that is the case you cannot do a HARP refinance now, but that may be changing
3) Plans are being discussed at the Federal Government level to open up HARP refis to anyone that is current on their mortgage regardless of LTV- if that comes to pass it may be your path to a refinance, but Fannie or Freddie would have to own your Note. You can go to Fannie and Freddie's home page and navigate your way to each of their loan lookup tools that will tell you whether they own your Note
2) At the present time the maximum loan to value ratio for a HARP refi is 125% and your present loan balance and property value may exceed that. If that is the case you cannot do a HARP refinance now, but that may be changing
3) Plans are being discussed at the Federal Government level to open up HARP refis to anyone that is current on their mortgage regardless of LTV- if that comes to pass it may be your path to a refinance, but Fannie or Freddie would have to own your Note. You can go to Fannie and Freddie's home page and navigate your way to each of their loan lookup tools that will tell you whether they own your Note
Need to refi 2-family investment but stuck in balloon adjustable rate mortgage
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