Need to refinance at a lower rate but LTV is over 80%

hi,

We are currently having a 30-year fixed mortgage for 5.875% for our single-family home in Foster City, CA. We have a single loan of approximately 715k and have no other debt with a credit score over 730.

Even though the mortgage rates have dropped since we refinanced 6 months ago, so has the appraised value of our home, which is now around 825k. This is putting our LTV at approximately 85%. Can I get any lenders to refinance my home at the current 30-year fixed jumbo confirming mortgage which seems to be around 5% now? Wells Fargo said that they could offer me a first loan of up to 625k at a lower rate provided I could get a second financial institution offer me a HELOC, but no bank is willing to provide it with my current LTV.

Lot of people like me who have bought homes in the last few years are unable to refinance and take advantage of the lowering rates due to declining home prices. Should I wait until the CA jumbo conforming limit goes up to 729k?

Thanks for your response.
  • April 21 2009 - Foster City
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Answers (2)

You can refi up to $729,750 right now and roll in the fees without MI in your area with the refi plus program. Make a quote request here on Zillow.
  • April 21 2009
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I should mention that this assumes that you have a Fannie Mae loan. To find out you can check here.

  • April 21 2009
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