Profile picture for tinasuccess

Trying to refinance at 95% LTV, but my loan is not Fannie Mae/Freddie Mac insured; where do I go??

Trying to refinance at 95% LTV, but my loan is not Fannie Mae/Freddie Mac insured; where do I go??  Located in Westchester, NY
  • September 23 2011 - US
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (4)

Profile picture for tinasuccess
Sorry, here is a little more info that may help.  My Primary Loan is 77% LTV, but with the 2nd CLTV exceeds 93%.  Would I be able to refinance the first without PMI and leave the 2nd in place?  Who do I go to do do the Fannie/Freddie loan, a broker?
  • September 23 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

You still may be able to refinance into a new Fannie/Freddie loan at 95% LTV even though your existing loan is not owned by them - it wouldn't be under the Making Home Affordable refinance program but it would still allow you to get the current prevailing interest rates.  You would also have to pay some form of mortgage insurance on the refinance as well, either a monthly amount, a 1 time upfront amount, or a higher interest rate in lieu of either.  FHA financing may also be an option for you, as FHA will refinance up to 97.75% LTV.
  • September 23 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Contact this excellent lender in NY, he will give you options:

http://www.zillow.com/profile/Chris-Corica/

  • September 23 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

I would suggest a loan broker in your area.  Mortgage brokers, although sometimes more expensive, have many more options that may work for you.  It doesn't cost anything to apply.
  • September 23 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.