Financing in Culpeper>Question Details

basha04, Real Estate Pro in Culpeper, VA

I have a mortgage from July 2009 and I would like to refinance it. The balance on the loan will be the same as the appraisal value. so @ 100%. Is?

Asked by basha04, Culpeper, VA Thu Dec 22, 2011

there any viable option available for refinancing. I do not have a PMI today.

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Answers

6
Nick Pakulla’s answer
Your loan likely would not be eligible for HARP: "Currently, to be eligible for Refi Plus or DU Refi Plus the existing mortgage loan being refinanced had to be purchased by Fannie Mae prior to March 1, 2009 or in an MBS pool with an issue date prior to March 1, 2009." If your loan is from June, it could not have been sold to Fannie prior to March 1 2009.

Your will have to do a cash-in refinance where you pay down the balance. It still could be worth it and is worth having someone run the numbers to see that savings, you would want to compare FHA vs 5% conventional.
Web Reference: http://www.nickhomeloan.com
1 vote Thank Flag Link Thu Dec 22, 2011
If its a VA or FHA loan, you may be able to do a streamline refinance with no appraisal requirement.
Web Reference: http://makeoveragent.com
0 votes Thank Flag Link Thu Dec 22, 2011
Nick's right. Even if the loan is owned by Fannie or Freddie it probably won't work. Good catch Nick I gave you a Thumbs up. Sorry but better you know now. Is there any way to pay down the balance? Even to 97% might work but 95% is much better. Good luck.
0 votes Thank Flag Link Thu Dec 22, 2011
You need to investigate obtaining a HARP loan from you current lender. You can refi for a lower rate and better terms usually without an appraisal. Go back to your original lender.
0 votes Thank Flag Link Thu Dec 22, 2011
Call some lenders. Here are the folks I would recommend:

Lou Ann Carithers
Stellar One Bank
(540)829-8208

Sean McNemar
Mortgage Loan Officer
NMLS# 17645
work: 317-633-0952 fax: 317-532-7901
toll free: -1-866-227-0242
http://www.FirstIB.com/sean
0 votes Thank Flag Link Thu Dec 22, 2011
Yes, there is. If Fannie Mae or Freddie Mac own your loan (not service it) you may qualify for the HARP program.

Check these 2 sites and see if they do:
http://www.fanniemae.com/loanlookup/
https://ww3.freddiemac.com/corporate/

If either of them own your note contact me at your convenience and I can show you what your options are.

Elliott R. Oliva
NMLS #353884
Mortgage Banker
Primary Residential Mortgage, Inc.
202-681-1636 direct
eoliva@primeres.com
"Se habla Espanol"
0 votes Thank Flag Link Thu Dec 22, 2011
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