Financing in 28405>Question Details

Desidon, Both Buyer and Seller in Wilmington, NC

I bought a condo as a 2nd home in 06 for $400K. At the time I put $80K down (20%). At the time I got a 5/1

Asked by Desidon, Wilmington, NC Thu Mar 19, 2009

ARM at 5.875%.
I am now looking to re-finance and my aim is to reduce my interest rate to 4.875% or below to realize some savings in the monthly payments. I am having a tough time with it because of the fannie/freddie hit for condo re-fi's.
The 1st home/2nd home owner % is 65%. The HOA is still owned by the developer.
My Fico score is 790 . The condo is probably worth $360K and I owe $305 K on it currently. I am willing to put money towards principal and get it to 80% LTV if required.
With all the specs above...I still cannot find any lender willing to give me a loan.
What are my options here? Do I go for a FHA type loan?

DD

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Desidon - Pete Spirakis got back to me and told me he could do 5% on 80%LTV as second home - if that would help you might want to give him a call at the number in my previous answer

-k
0 votes Thank Flag Link Sat Mar 21, 2009
Desidon - I emailed your question to Pete Spirakis at Olympic Mortgage as another possibility - his number is 470-0121 - I am a broker with Prudential Laney Real Estate in the Historic Downtown office, If I can be of assistance you can reach me at 538-6333

-k
Web Reference: http://www.prulaney.com
0 votes Thank Flag Link Fri Mar 20, 2009
Desidon,
Kay Baker is correct. You will need to speak with a qulified and experienced Loan Officer. Your best bet would be to contact Chris Hutchens with Alpha Mortgage at 910-231-4375 or chris.hutchens@alphamortgage.com. He is well qualified and would be a great person to speak with about a refi. If there is a way to get you into a better rate; Chris will find it! If you have any additional real estate questions I will be happy to help. Shannon Lee, Broker/Realtor, Coldwell Banker Sea Coast Realty.... (910) 512-5399 or shannonlee@seacoastrealty.com
All the best,
Shannon Lee
0 votes Thank Flag Link Fri Mar 20, 2009
Hello Desidon,
I totally understand your situation. You really need the help and guidance of a qualified loan professional. I am a long time successful Realtor in Wilmington and would be happy to put you in touch with someone that can assist you. Please email me at kaybaker@ec.rr.com. Thanks, Kay Baker, ABR,CRS,GRI Broker 910232-0363.
Web Reference: http://www.cbbaker.com
0 votes Thank Flag Link Fri Mar 20, 2009
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