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Refinance back in 2010 so not eligible for HARP.Mortgage that is underwater, any refi help available

Profile picture for HelplessinVA
refinance back in 2010, mortgage backed by Fannie Mae.  Currently have an 80/20 loan with a principal balance on the first around $347K and a second around $87K.  I'm elible for a VA  loan but cannot make the LTV.  I have savings that can bring the total down a bit.  Have not received an official appraisal but Zillow has a rate of about $350K-$400K.  Not late on any payments and have sufficient income to make current payments, I would just like to take advantage of the low interest rates and to possible get the second rate down from the current level of 9.25%.  Any help or suggestions would be greatly appreciated.
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January 13 - Fredericksburg
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Answers (1)

Profile picture for matthewrathbun
Hi "HelplessInVA",

There aren't a lot of options out there.  HARP/HAMP is the best, but you're right that you probably don't qualify.  Typically it's only available for loans obtained prior to 2009.  

Zillow has about a 10% variance on accuracy, because they use information from Tax Records and MLS data, but don't actually know what's in your house.  So take that in consideration when judging how much under-water you may be.

Wish there was better news.  The only other thing I could recommend is to contact a local loan officer and see if they have re-finance options.

If you are struggling with your payments, [contents removed by Zillow due to spam, please refer to our Good Neighbor Policy for more details] and either myself or a team member will be happy to contact you and discuss other options. 
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January 13
 

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