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What should be the maximum loan to values ratio that I can get approved. i have a score of 750+

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November 05 - Suwanee
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Raj, if you get the $410K appraised value, then you can get a 95% rate and term conventional loan. Not all lenders go to 95% in Georgia and MI is harder to get. You should get with a lender to see the difference of paying 1 payment w/MI compared to refinancing the 1st only and resubordinating the 2nd.
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November 09
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Yes, the second mortgage was taken at the time of purchase.
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November 09
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LOL, please ignore the question about what your rates are now. 
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November 09
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FHA is not an option since the max loan amt is $346,250 so IF it will appraise for $410K the max loan amt is $389,500 giving you enough room to roll in $4500 in closing costs and prepaids. You can do that by either bringing some money to closing or using a no origination fee loan. Also, the existing 2nd mortgage has to have been taken out when you purchased the property. Is that the case? What are your current rates?
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November 09
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I am interested in refinancing to combine my two mortgages.
First @ 5.75% with balance 327,000
Second @ 8% with balance $58,000

My house may appraise for $410K
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November 09
For purchase transactions:

 FHA - 96.5% Loan to Value

Conventional - 95% Loan to Value

 
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November 09
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Are you curious about debt ratio's or LTV'S? Depending on the purchase price, you can probably go FHA with 3.5% down payment. Is that what you are asking? 
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November 05
 

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