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my loan is with national city mortgage, their agents say that they are not yet doing the 125% refi

I can't help but wonder if this is true. my reason is because they knew it was coming. I wonder if they are lending to only the people they want to lend to. Im sorry to sound so suspicus but these types of things has happened before. how do I find out for sure
  • July 28 2009 - Downtown
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Answers (5)

The 125% program is only for current Fannie Mae/Freddie Mac loans and can only be done by the current "servicer of record." This means that the only company that can help you right now is the one your write your monthly mortgage payment to. After 9/1/09, all lenders will have access to the program although some may choose not to.

One of the confusing things about these programs is that even though Fannie and Freddie allow them, the investors and banks put overlays on what they will allow. For instance, Wells Fargo will allow the DU Refi plus program to 105% but cap the CLTV (combined loan-to-value) at 110% while Chase and Countrywide have no limit on the CLTV as long as the automated underwriting system accepts the application.

Bottom line is that if you are looking into one of these programs, you need to speak directly to an experienced mortgage lender.
  • July 29 2009
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Just a heads up...you'll have to be VERY patient with NC. 

When they were bought out by PNC A LOT of the staff was cut.  They honestly couldn't handle the amount of calls coming in and on top of that, NC took a couple extra months to roll out the HARP refinances.  This meant that people calling for months 1&2 had to call back in month 3 (when they started offering it) + all the new calls.  The same thing will probably happen again. 

Try calling them when the 125% program rolls out and see when they expect to have it available.  Just keep trying and don't get too fed up. 

If you don't want to deal with NC, you may be able to work with a different lender.  As of right now anyone can do the Fannie DU Refi + and Freddie is suppose to be rolling something out soon.
  • July 29 2009
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Only the 105% program is currently available.  Knowing how the banks slowly phase in these changes that approved by government, we may not see until September or October the program fully available and ready for you to lock and close.  Keep posting Zillow mortgage market place quotes and questions to stay up to date.
  • July 29 2009
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The increase to 125% was to start on 9/1. It has been moved forward to 8/1. Although lenders will probably lag behind this date as they have with other neww programs. .... Hang in there.
  • July 28 2009
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I don't know of a 125% refi. There is the 105%, but you must have a Fannie Mae/Freddie Mac loan, however, most banks are not doing them as of yet as far as I know, just a few already have the program in place.
I hope this helps!
Sincerely,
Marney Kirk
Keller Williams Excellence Realty
  • July 28 2009
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