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What programs are availble for high LTV refinance & fair credit?

I have a home valued around 270K with a mortgage through my CU, balance 237K @ 4.875%. I would like to refinance but equity is slim.  I would also like to get some cash out to pay off personal loan (20K).  Any high LTV programs for people with fair credit (670). Income not a problem, just equity poor with fair credit.

Thank you

  • April 24 2013 - Happy Valley
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Answers (5)

Hello, If your loan qualifies for the HARP program, we have no problem with loan to value; we can get you a lower rate, but not cash out. Please call or email me for more information. If you are a Veteran, we can go to 100% with a VA loan refinance. Please email me or call me with more details. Best regards, Patty Harrison
  • April 25 2013
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My property is located in Happy Valley, Oregon.
  • April 25 2013
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Where is your property located?
  • April 25 2013
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You might qualify for a HARP Loan if Fannie Mae or Freddie Mac own you loan. A Conventional or FHA cash out maxes at 85% loan to value but you would have MI or VA if eligible is capped at 90%.

Your best option is to do a rate and term refinance out of that 4.875% and then look to you credit union after the fact for the personal loan. You would not have sufficient equity unless the value came in higher. 

Feel free to call on me if you have additional questions.
  • April 25 2013
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You can benefit from a refinance right now. The best option would be if you are a Veteran of the US military and quality for a VA loan. Shoot me a message if I can assist.
  • April 25 2013
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