Financing in Chicago>Question Details

ABC, Home Owner in Houston, TX

Refinance an investment property with 80% LTV?

Asked by ABC, Houston, TX Sat Feb 2, 2013

I have a condo (high rise) in Chicago that I'm currently renting out. I'd like to refinance it, but everyone I've talked to requires an LTV of 75% or less. Right now we're at around 83%, and wouldn't want to pay it down to more than 80%. Are there any credit unions or banks who can refinance at 80%

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James P. Michaels’ answer
Our Team | United Equity Mortgage Corp.
http://www.unitedequity.us/our-team.htmlWieslaw (Wesley) Jura Vice President. NMLS ID 225274. Direct: 773-304-3412. Fax: 773-283-2788. Cell: 312-405-2404. wjura@unitedequity.us
0 votes Thank Flag Link Sun Feb 3, 2013
Good afternoon ABC,

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/


Trevor Curran
NMLS #40140

If you thought my answer was helpful, please give me a "Thumbs Up." Thanks!
1 vote Thank Flag Link Mon Feb 4, 2013
75% is the benchmark for investment property financing. You can do it with less if it qualifies under Harp2.

Best regards,

Ivan Sagel
312.515.7823
Ivan@atproperties.com
0 votes Thank Flag Link Sat Feb 9, 2013
If you want to give me a call I can check to see if your loan is owned by fannie mae or freddie mac and see if you would qualify for the HARP program where you would not have to do an appraisal and wouldn't have to worry about value coming at 80%. My phone is 262-649-5439 and email bsorenson@englending.com.
0 votes Thank Flag Link Tue Feb 5, 2013
Good morning,

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.

Thanks!
JP

JP Marzano
Chicago Financial Services
312-204-6556
jpmarzano@cfsmortgage.com
http://www.themortgagecall.com
0 votes Thank Flag Link Mon Feb 4, 2013
Try to find some smaller local banks that 'portfolio' their loans.
0 votes Thank Flag Link Sat Feb 2, 2013
Condo
Investment Property
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.
Web Reference: http://www.BJDLOANS.com
0 votes Thank Flag Link Sat Feb 2, 2013
Not unless they will hold it in their own portfolio, and that is unlikely, especially a condo. The only way this changes is if public officials change policy. Call your congressman and let them know about your problem.
0 votes Thank Flag Link Sat Feb 2, 2013
I do have a program to refinance investment property to 80% LTV. Must have perfect credit and lots of cash reserves.

http://ljeffries.inlandhomemortgage.com/

Louis Jeffries
NMLS 911510
708-299-3244
0 votes Thank Flag Link Sat Feb 2, 2013
everyone is a good indication that the answer is no
0 votes Thank Flag Link Sat Feb 2, 2013
Maybe. I would try calling Tony Lupescu at 708-351-6416.
0 votes Thank Flag Link Sat Feb 2, 2013
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