Visit the links I've listed below. Verify if your loan was sold to either FannieMae or FreddieMac. If it was, then you probably qualify for a refinance to a lower rate regardless of Loan To Value (LTV) under the Home Affordable Refinance Program (HARP). The program allows for paying off existing first mortgage liens even if the value of the home doesn't meet standard LTV guidelines.
If your loan is with either of these agencies, contact a Local Mortgage Banker to submit your loan application for an approval under this program. The process is fairly painless.
If the loan is not with either agency then you'll likely be limited to 75% or 70% LTV depending on the Lender you work with and their particular guideines.
FannieMae Loan Lookup: https://www.knowyouroptions.com/loanlookup
FreddieMac Loan Lookup: https://ww3.freddiemac.com/corporate/
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Fannie Mae guidelines are 75% max. Portfolio lenders can actually have stricter maximums, unfortunately. I'm not sure what you're basing the 83% on, but ultimately, you should look at getting an appraisal to determine the current fair value. If you'd like to discuss further, please contact me.
Chicago Financial Services
Need 75% LTV
Very few banks hold the loans in house anymore so unfortunately they days of obtaining credit based on character and ability to pay are long gone. Need to meet very specific guidelines.