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?


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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

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

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0 votes Thank Flag Link Fri Mar 20, 2009
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 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
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 Thanks, Kay Baker, ABR,CRS,GRI Broker 910232-0363.
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0 votes Thank Flag Link Fri Mar 20, 2009
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