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40 year Fixed Can I Refinance with Harp 2?

Loan is backed by Fannie, credit is awesome, all on-time payments, etc. We just bought the home with a 40 year fixed and now it is underwater big time. Is there a cap on the loan-to-value ratio for HARP 2 program for people with 40 year fixed loans? We'd love to refinance to a 30 year fixed if possible. I thought I remember reading that there was a 105% cap for people with 40 year fixed loans looking to refinance under Harp 2. by ca_pea_392_566 from Bakersfield, California. Mar 25th 2012 Reply


Gilbert Ramos (VAHOMELOANS)
#424 ranked lender in California - 54 contributions

Good Evening ca_pea,There is no maximum loan to value cap on the new HARP 2.0 program. Call or email me for a good faith estimate, I would be happy to help you. We are a direct lender and can have the new proposal to you in minutes.Thank you, I appreciate your business.Gilbert RamosMortgage Loan Officer NMLS 286678Mortgage Partners, Inc.43537 Ridge Park Dr.Temecula, Ca 92590(800) 896-5333 Office(951) 551-0215 Directinfo@mpihomeloans.comApply Online www.mpihomeloans.com

Mar 25th 2012
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#0 ranked lender in

You say you "Just" bought the home, what does that exactly mean time wise? Reason is, you can not qualify for a HARP loan if you took out the loan after May 31st, 2009. If it was before this date, then you can do the 30 year loan without a LTV cap as per HARP 2.0 BUT most lenders will have overlays that will cap you. I know Wells Fargo is 105%. Look for local broker that hase many options to choose from and see if they have a lender with the LTV cap. Good luck to you.

Mar 25th 2012
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 4,878 contributions

You would have had to purchase your home or initiated your Fannie Mae Loan prior to May 31, 2009 to qualify for HARP... and you can only go to 30 years. There is no LTV... Contact a local mortgage broker not a bank and apply with them... they have access to numerous lenders and can find the right loan product for your particular scenario.. WilliamAcres.com

Mar 25th 2012
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Scott McPherson (ScottMcPherson)
#495 ranked lender in California - 25 contributions

I just checked with a couple lenders who are offering the HARP 2.0 and the LTV max is 105% with loan terms greater than 30 years < 40 yrs. You need to determine if your loan was originated before May of 2009. Contact my office if you need anything else. www.sandiegoloanpro.com 619-609-7006smcpherson@c2financialcorp.com

Mar 25th 2012
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Blake Kleckner (BlakeK)
#5 ranked lender in California - 217 contributions

We have lenders that will refinance homes using the HARP 2 program and allow unlimited LTVs. If your current loan was orginated before June 1, 2009, it's possible for you to refinance, but not into a 40-year loan--30 years is the max. Other guidelines need to be met as well. Give me a call 16/7, or email me, and I'll be happy to walk you through the process. To learn more about me and our mortgage brokerage, click on my picture. When the next page pops up, click on "Website" and you will be redirected to ours. We work exclusively in CA and get loans done fast, typically in less than 30 days, at low interest rates and costs. Representing 39 quality lenders that offer more than 1,000 loan programs, we definitely have something for everybody.

Mar 27th 2012
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Thanks for all the info. I said "just" but we really have been in the house 5 years and closed before the 2009 deadline (fall of 2008). So we seem to meet all applicable requirements under the government we just need to find a bank with no LTV cap because it is really underwater. We will definitely be contacting a broker to help us navigate the HARP 2 offerings. Have most banks come out with their offerings/requirements for HARP 2?

Mar 28th 2012
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