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Over 100% LTV refi

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jalaabs

Vancouver, WA

Contributions: 7
Hello,
Are there any refi's available in WA state (or the Portland, OR area) that allow for over 100% LTV?  I have a first and second mortgage.  First mortgage balance is approximately 88% of the homes value, and combined LTV for the two mortgages is around 112%.  First mortgage is not backed by Fannie or Freddie.  My FICO score is at approximately 800. My total debt to income ratio is currently about 36%.

Any info would be greatly appreciated!
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October 29 - Vancouver

Replies (3)

Profile picture for Bryce P Johnson
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Since October 2009

FHA loans do not have combined loan to value limit, so that would probably be your best bet.

You would need to keep your 2nd in place and refinance into an FHA 1st.
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October 29
You might qualify to refinance your first mortgage into an FHA loan but the lender on your 2nd would have to agree to a new subordination agreement.
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October 29
Both replies you've received so far are right on the money!  But to elaborate - it is VERY likely your current 2nd lender will NOT agree to subordinate to a new 1st mortgage.  They might...but they probably won't.

The issue is that the risk is on you - as it should be.  Your current 2nd lender won't tell you whether they will agree to the subordination unless they have a current appraisal  in their hands to review along with an approval  from your new 1st mortgage lender.  All that is going to cost you $400 to $450 non-refundable to get the appraisal done.

To the extent the rate on your current mortgage is much higher than current market it might be worth the $450 appraisal fee to find out.

Good luck!
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October 29
 

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