I have a conventional mortgage and I'm underwater. My LTV ratio is 115%. Can I qualify for a refi? Thanks.

Asked by rms_bap, Pacifica, CA Fri Feb 10, 2012

If so, what banks are willing to help?

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10
Bob Willett, , Sacramento, CA
Fri Feb 10, 2012
BEST ANSWER
If you took out your mortgage before the middle of 2009 you may be eligible for the HARP refinance program. Your loan has to be a Fannie Mae or Freddie Mac loan.

You can check to see if it’s a Fannie Mae loan here: http://www.fanniemae.com/loanlookup/

Check here to see if it’s Freddie Mac: https://ww3.freddiemac.com/corporate/

We do currently do these loans up to 125% loan-to-value, and will probably be able to do them over that the middle of next month. If you have a good lender that you work with check with them and see if they can help you out. If not, feel free to contact me through my profile.
Web Reference:  http://www.SacRELender.com
1 vote
, ,
Thu Feb 16, 2012
I can go to 125% on FNMA only, if that helps
1 vote
Christopher…, , Michigan
Fri Feb 10, 2012
Is your mortgage a jumbo loan?
Cheers,
Chris
1 vote
Gregorio Den…, , San Diego, CA
Fri Feb 10, 2012
Check to see your eligibility for HARP. If eligible, you should not have a problem getting a refi now at 115% LTV.
Web Reference:  http://CaliforniaHARP.Org
1 vote
Michael Abram, , Los Angeles, CA
Fri Feb 10, 2012
It is possible to qualify up to 125% on a Fannie or Freddie relief loan, but your loan has to be serviced by a particular lender. Otherwise, most lenders will cap the qualification at 105% LTV. If you'd like to check it out, please feel free to give me a call or send me an email.

Michael Abram
First Capital Mortgage
NMLS #235060
Direct: (310) 434-1718
Cell: (310) 995-0975
mabram@firstcapitalmtg.com
http://www.firstcapitalmtg.com/mabram
1 vote
Rudy McDowell, Mortgage Broker Or Lender, Bloomfield Hills, MI
Sat Jul 7, 2012
Hi, rms_bap. For clarity: Fannie Mae and Freddie Mac are CONV (conventional) loans. Follow previous answer direction and look up your address on the fanniemae website. If it's not there, it could still possibly be a Freddie Mac product. Their website is:

https://ww3.freddiemac.com/corporate/

If it not there, you may still need to call Fannie Mae directly to verify. Sometimes, the property's address may have be imputted incorrectly by current or previous bank holding the note.
0 votes
sandra.moore, Both Buyer And Seller, Georgia
Fri Jul 6, 2012
The Harp is for Fannie Mae and Freddie Mac loans only.
0 votes
sandra.moore, Both Buyer And Seller, Georgia
Fri Jul 6, 2012
The loan was originated in 2001 and is a conventional, not Fannie Mae or Freddie Mac.
If ;there is nothing available that is descriminating. Right?
$70,000. at 10.375%. Appraised at $48,000.
0 votes
John Bender, Agent, Corona, CA
Wed Mar 14, 2012
Depends on when your current mortgage was originated. If you got the loan prior to June 1st, 2009, you'll likely be eligible for a HARP 2 - based refi.
Web Reference:  http://inlandfinancial.net
0 votes
Michael Abram, , Los Angeles, CA
Tue Mar 13, 2012
Hello RMS_BAP,

HARP 2 is now available and has an unlimited LTV. If you qualify with your loan owned by Fannie or Freddie, you should explore this option with a lender. I work with a few lenders that have this product available. If I can be of assistance, please let me know.

Michael Abram
First Capital Mortgage
NMLS #235060
Direct: (310) 434-1718
Cell: (310) 995-0975
mabram@firstcapitalmtg.com
0 votes
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