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Non-Harp refi options for very high LTV?

I refinanced in Feb 2010 (under the Freddie Mac "Relief Refi" program) to a 5/1 ARM. Rates have dropped significantly since then so I would like to refinance with a new fixed mortgage. 
I understand that I can't use any HARP program because I already refinanced in 2010. Are there any attractive options available for a new fixed loan (at the really low current rates)?
Details:
    LTV (in 2010): 97%
    Loan amount: $383K
    Credit: Excellent
    Income: $85k (verifiable long term job)
    Single Family home, owner occupied
  • August 31 2012 - Madison
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Answers (5)

Best Answer

Anyone that can get you a comprehensive market analysis (CMA)- since value is of importance and has experience with High LTV refis. In my opinion, a Regional Mortgage banker is great place to start. I am not allowed to name any places but if you contact me, I can help you. ID
  • September 01 2012
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Thanks. Can you suggest how to find the right lender without wasting too much time and effort? And by "lender" do you mean mtg broker?
-Matt


"Look at a single premium Conventional Refinance. If you can get to an LTV of 95% it may make sense. Rates are amazing and the approx up front fee can be covered fairly easy. There is a lender paid and borrower paid option. You do have options. If you approach the right lender, they will have comparables and the program lined up for you.
Hope this helps!
ID"
  • September 01 2012
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Look at a single premium Conventional Refinance. If you can get to an LTV of 95% it may make sense. Rates are amazing and the approx up front fee can be covered fairly easy. There is a lender paid and borrower paid option. You do have options. If you approach the right lender, they will have comparables and the program lined up for you.

Hope this helps!

ID
  • August 31 2012
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FHA 97.75% max ltv refi - depending on what county/state your located in (different loan limits in different parts of the country).
Hope that helps...
  • August 31 2012
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No.   HARP remains a "one-time only" (per property) at this time.   

If you can appraise high enough to retain at least 3-5% equity in the home, traditional refinance could be an option, however anything above 80% will require a mortgage insurance component be added to your new loan.
  • August 31 2012
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