Financing in Corolla>Question Details

Mjjhb, Home Owner in Corolla, NC

I OWN A VACATION RENTAL I WOULD LIKE TO REFI, TURNED DOWN FOR LOAN MOD BY INVESTOR GROUP, EXCELLENT CREDIT, LOOKING TO LOWER A 6.6% LOAN, NEED 90%LTV

Asked by Mjjhb, Corolla, NC Tue Nov 9, 2010

WANT TO KEEP PROPERTY, GMAC MORT. SAY INVESTOR GROUP WON'T AUTHORIZE MODIFICATION. MAY NOT BE ABLE TO KEEP PROPERTY OTHERWISE. DON'T WANT TO SHORT SELL. PROBABLY WOULD NEED 90-95% LTV IN THIS MARKET TO REFI. BEST I HAVE FOUND IS 65%LTV. ANY SUGGESTIONS WOULD BE GREATLY APPRECIATED

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HI, Mjjhb

Unfortunately, FHA financing is only for primary residences. If your credit score is over 700, ask your current or other local mortgage broker lender about doing a Fannie Mae DU Refi Plus. It can be used for investment properties and allows up to 95% LTV for Rate and Term Refinancing. See if this applies to you there.
0 votes Thank Flag Link Wed Nov 10, 2010
Unfortunately, your current investor lender was probably your best opportunity for a refi. Your LTV requirement on an investment home, as well as, I'm guessing the need for a loan of over $480k in the beach area of Currituck County, both exceed the limits for a government insured loan.
Thus your loan requires placement with a mortgage investor, each with their own underwriting standards and risk limits. The reality of today's more stringent risk based mortgage underwriting will make placement at a rate significantly below your 6.6% a difficult find. However, give it a try! Contact several mortgage brokers and give them your requirements and credit information and they will give you further advice and initiate a search of their investors to try to place your loan. The process is free..........Good Luck!
0 votes Thank Flag Link Tue Nov 9, 2010
THE FIRST THING YOU NEED TO DO IS STOP YELLING. PRESS THE CAPS LOCK KEY AND TAKE THE CAPS LOCK OFF. Then your typing will look like this. Now, on to your question.

Have you ever tried FHA refinancing? Perhaps there are some programs in your local area. Look at local lenders and credit unions and see what they say.
0 votes Thank Flag Link Tue Nov 9, 2010
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