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Will anyone refinance me with 94.75 Loan to Value ratio?

According to Zillow estimate my home is worth $487,500.  I owe $462,000 which
means I am slightly above water...  My credit scores are all over 800.  My wife and I both make approx $100,000 each.  I've been making extra principal payments for over 2 years, and have never missed a payment.  Anyone know of a lender that considers things other than the loan to value ratio?  This is really frustrating, as I am paying approx 7% interest, and I can't get a refinance...  I would really like to keep this place, but I'm about ready to walk!
  • March 02 2012 - Henderson
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Answers (14)

If you bring money to the table to refi it may take you 3 - 4 years to recoup that cash. 

If the OP did a first and second, both no closing cost loans they wouldn't bring anything to the table and 0 months closing cost recapture time. 
  • March 09 2012
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Hi Again,

It appears that you would not qualify for a loan mod your income is too high compared to your fully indexed payment if both of you are on the loan.

If only one of you were on the loan you would most likely qualify for a loan mod.

Next option would be to bring money to the table at closing.
You may also want an accurate appraisal.

I would imagine with your excellent credit and good income you dont want to do a short sale.

If you bring money to the table to refi it may take you 3 - 4 years to recoup that cash.  

You could look at it that your getting a good tax right off.

With your income and credit you probably could sell and buy a new home for less and better rate.  

Your in an excellent position though because you have everything in your favor.

excellent credit
excellent income
and your current on your loan

You should start with an appraisal this way you know what your options are.

Best 

JoAnna Jensen 



  • March 09 2012
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Frannie Freddie and FHA all currently have streamline Refinances where they do not do appraisals.  This may reduce your interest rate. 

That information is helpful. 
----
No it isn't because for the 3rd time now, his loan amount is above the conforming limit and above the FHA limit.

It's bad enough with agents trying to give mortgage advice, now we have completely unlicensed people joining in.
  • March 09 2012
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The only purpose in working with One West would be if you were going for a loan modification which is not what we are talking about anyway. The professor just pointed out ( for the 2nd time ) this is a Jumbo loan, not an agency or FHA loan as the OP already knows.

user079813, if you split the loan into 2 loans ( 80/15 ) with a conforming first you should save about $700/month, Have you checked into that?    
  • March 09 2012
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One West Bank (originally IndyMac) owns the loan.  I have heard it
is a waste of time, to try and work with them.
  • March 09 2012
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Hi,

Do you know who owns your loan?  Who is your servicer? 

Frannie Freddie and FHA all currently have streamline Refinances where they do not do appraisals.  This may reduce your interest rate. 

That information is helpful.

  • March 08 2012
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Gee Linda, it only took you 3 tries to post useless information. 
How exactly does posting Refoi Plus and Relief guidelines help someone with a loan amount above the conforming limit?

Completely useless... and the links don't help either.
  • March 08 2012
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  • March 08 2012
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  • March 08 2012
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oop



  • March 08 2012
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If the Zillow estimated value is correct then you have one possibility and that is to do an 80/15. While it may be hard to find a lender to do the 2nd at 95% CLTV in NV, it's worth the time to look for one since you are paying 7%. Check your email for details on that possible option.   

Another option is to pay the loan down to 90% for a Jumbo loan.
  • March 03 2012
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Yes, I'm in Henderson.  I also had forgotten about that $417,000 b.s.  I
knew I was not likely to hear what I wanted to hear, but it sure was nice
to hear it, without costing me anything...  :-)  Thanks Professor!

  • March 03 2012
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I think you problem you are running into is that you have a true jumbo loan. Your conforming limit is $417,000 so it will be near impossible to get a refi at your loan amount and LTV. Since it's not conforming, it's also not going to qualify for HARP and the only county with a high enough FHA limit is Douglas County so it doesn't help you in Clark County. 

Short of picking up your house and moving it to Douglas to do an FHA refi, It doesn't look like there is a good solution. 
  • March 02 2012
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Your post says Henderson, NV is that correct?
  • March 02 2012
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