My current loan is owned by 5/3rd and not fha, my appraisal value is 192000 and I owe 200000. I tried refinancing with a credit union but my pmi company would not allow the pmi to transfer. My current loan rate is 6 5/8 and would like to refinance to a lower rate but my lendor is telling me I dont have many options. My credit score is 770+ . What are my options?
Grand Rapids,MI | Feb 22nd 2010
by beachc
Answer
by LHARVEY
there is a FannieMae refinance program designed just for this situation. it will allow you to refinance the loan up to 125% LTV and if you are currently paying PMI it will remain at the current rate. Your new note rate will be slightly above market rates for regular refinances but not nearly at the 6.625 you are currently paying. I suggest you search for a lender licensed in your state that does the refinance plus program. Feb 22nd 2010
by Nmoss@d...
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