Im a Loan Officer in Los Angeles County. I have a client that is in need of a refinance loan. My clients loan is a conventional but neither fannie mae or freddie mac own the loan. SO they cannot qualify for those special govt programs because the loan is not serviced through those two instituations. Yes, the client can qualify for a FHA or regular Conv but we do not want to pay for MI. Is there a program that will do this loan without MI?
Wellsburg,WV | Jun 7th 2011
by betteyb...
Answer
by Matt Boyce
Ummm. Did ya try running through DU and AUS? 97% LTV is going to be your max WITH MI even if you qualified through DU Refi Plus, etc. because the MI companies won't allow higher LTV. This is a question for your underwriter. Worst case is they suck it up and pay the MI. FHA rates will be much better anyway plus they can write off the MI payments. Good luck! Jun 7th 2011
by gcerretani
by cgummer...
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