Evan LeFloch's Q&A

The address on your tax return unless you have a very good reason why it's not that address.  But either way, you can get a HARP loan as a 2nd home with no rate adjustment.  Investment property will have a 1.75 adjustment to points, but if you can show that you do not file any schedule E income for this property it should be considered either owner occupied or 2nd home.

As long as you have a 30%-35% down payment you can obtain a mortgage as a foreign national.  It is hard to find, but there are programs out there.

You can go to any lender through either the Fannie Mae DU refi plus program OR Freddie Mac Relief Refinance program up to 125% LTV and infinite CLTV provided your current loan does not have PMI.If the LTV is below 95% and you're paying PMI now, you may just want to do a regular refinance and get a new PMI policy as long as the PMI rate is similar.

The mortgage tax is attached to the property; not the person.  So it is possible to get a CEMA provided both lenders will allow it.  Take the new loan amount and subtract the remaining principal balance on the current loan (not the original loan amount!).  Multiply that figure by the rate in Queens which is 1.8% to the borrower on a single family home.  So, if you're taking out a new loan of $500k, and the old loan was $400k, you would have to pay $1800 in mortgage tax.  Much better than the $9k you would pay if you didn't do a CEMA.  The old bank will charge you some fees (500-1200) and the new bank's attorney may charge a couple hundred extra because of the extra work done on a CEMA.  In Queens, it's almost always worth it to do a CEMA unless the current existing principal balance on the home is very small.

1. it may if you plan on keeping the condo for at least 3-5 years2. yes, rates are higher for condo loans that exceed 75% LTV by .75 to the fees, not the rate.3. underwriting, appaisal, title, etc. pretty much the same as when you bought the home but home except you'll get a reissue rate on the title insurance.  Since you can only refinance with your lender (PMI loans cannot be refinanced with other lenders under the HARP program) the fees probably won't be negotiable.4. the PMI payment would remain the same, and the lender has to get the PMI company to agree to let you refinance.  Depending on the company (AIG is pretty accomidating considering the bailout money) they may or may not allow you to refi.  Your lender can help with this.

When I said there's one bank doing them, I meant to 80% on investment refis.

You need a non-conforming loan because Fannie/Freddie only go to 75% on rate/term investment refis.There is only 1 bank doing them.  The rate is 4.5%-5.125%, 30yr Fixed, depending on how many points you wish to pay.  1-4 family homes OK. [self-promotion, removed by moderator]

VA only.  3.5% down for FHA, and all of it can be a gift.  You can get the seller to pay your closing costs on the right house.

Here in Fairfield we're going up to $708k.  FHA has already started.  Fannie/Freddie soon.  Maybe April when they roll out the new 105% rate/term refis.

I'm getting conflicting answers...on the goverment's web site it says to contact your servicer, but on Fannie's web site it says beginning in April we as brokers can start running these loans through their automated system.My guess is that they HAVE to let banks compete for the business otherwise there would be no incentive for your bank to give you the best deal.  Unless the goverment just dictates how much compensation the bank can earn on the deal and everyone gets the same exact thing.Everyone getting the same exact price...what system does that sound  a lot like?