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Here is my question-Lending Company who offers LTV higher than 85%

I have a mortgage 1st and 2nd with an LTV of 85.43%. Who is the lending company that offers 85% and higher? I've read that LTV could be higher as 97%. Which lending company should I go who does this? by imani1_610_823 from Hightstown, New Jersey. Feb 24th 2012 Reply


Scott Irvine (Scott Irvine)
#12 ranked lender in New Jersey - 15 contributions

Dear Imani 1,Its not a lender who can its a program, Depending on your situation and property. I can review the program with your and see ifit is a good fit for you.Scottscott@mortgage-me.us

Feb 25th 2012
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#0 ranked lender in

It sounds like to me that who ever you are talking to does not want to, or can't refinance you into a new second lien (big banks don't do 2nds), so they want to leave the second lien alone (subordnate). In doing this, you may not have enough room in the 1st lien position to roll in all of your closing costs, so you would need to come out of pocket whatever that $$$ is. You need to find a lender that can do 2nd liens so that they can combine both your old loans together, add all your closing costs to that number, and come up with a new 1st & 2nd lien (A 80% first lien and whatever % number needed as your 2nd lien). Doing this will prevent you from having to pay PMI by going Convientional. If you go FHA, then as you know, you will have MI. The only other issue that could be at hand is your overall credit. What are your scores? Or maybe it's the type of property you have, you have not mentioned this in your past emails, but is this a SFR, Condo, Duplex, 4 plex? Is this your primary residence, investment property, or commerrcial property? Give us a little more info.

Feb 25th 2012
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#0 ranked lender in

It 's not the lender as much as it is actual loan programs a lender can offer from their investors. An FHA loan only requires 3.5% down, there are some Conv. 2nd lien programs that will allow a max 95% LTV by doing a 80-15-5 or 80-10-10. Get with a local lender and ask them how you can get the most for the least. Regards.

Feb 25th 2012
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Pam Schubert - VA certified loan specialist (pschubert)
#4 ranked lender in Wisconsin - 23 contributions

It is not the lending company that offers the 85% and higher, it is an FHA program that you should ask the lender if they do this type of loan program. Most lenders will offer this program so contact your local bank, credit union or lender. Good luck :)

Feb 25th 2012
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#0 ranked lender in

Our firm is 99% and can guarantee it for the life of the loan

Feb 25th 2012
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Hello Imani,The preceeding answers are correct. An F.H.A. mortgage will goto the l.t.v. you are looking for. I am a dirct F.H.A. lender located in the state of New Jersey. If you would like to email me @ Jdepalma@acremortgage.com I will gladly look into some options for and we can meet face to face in my office if you like. Jeff DePalma /Acre Mortgage and Financial

Feb 25th 2012
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 4,695 contributions

so if your looking to finance your first and second into one mortgage, then you can go FHA or Conventional. Both will have some sort of mortgage insurance so depending on what your goals are this might or might not work.. WilliamAcres.com

Feb 25th 2012
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I've been shopping around to refinance my mortgage but I didn't get one that offers 85% or more LTV unless I pay down my second mortgage. From what I understand LTV means that if for argument sake, my loan is $200,000 and the appraised value is $250,000 that is 80% LTV. Among the lending company I called, no one told me that they can help me unless I pay down my 2nd mortgage. There is one who told me that she can do FHA but the PMI is $100 a month which I think is too much. Any help?

Feb 25th 2012
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I've an excellent credit score. The lenders I talked to don't do 2nd mortgage but they apply cash out to payoff the 2nd mortgage. That's when the problem comes up, I think, because the LTV is only 80%. Can anyone give me names of lending companies that refinance both 1st and 2nd mortgage and have a program that offers LTV which is 86% or higher for combined liens? I have a townhome and a second home.

Feb 25th 2012
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Ralph Richard Guertin (ralph@absolutelowrates.com)
#5 ranked lender in Florida - 426 contributions

Please call a local NJ mortgage broker andn they will guide you in the right direction and give you all the options that apply to your situation..Good Luck

Feb 26th 2012
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Bert Carpenter (BertCarpenter)
#39 ranked lender in Arizona - 1,731 contributions

Loan programs above 85% exist. It is most likely you will have to pay some form of mortgage premium, though. You didn't say if the second mortgage was taken out when you bought (purchase money) or later (cash out). This can have a bearing on the program and pricing as well. Contact a local Mortgage Banker/Broker, rather than one of the big banks. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, He/She is trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

Feb 27th 2012
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