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Garett Hyman's Answers

What is the maximum LTV cap for refinancing a jumbo loan?
Depending on the location the maximum LTV on a jumbo can be as high as 97.75%. For conventional under 1MM I am able to go to 80%.
can i prequalify for a home loan if I do not have one of my W2s?
In most cases 2 years tax returns and 30 days pay stubs will suffice. Having your last 2 w2s is a lender overlay.
Can I get a HARP refinance if I have LPMI?
Yes, your current lender will send over the MI certificate to the new lender.
Is it possible to find out if I home I don't own has any liens or outstanding mortgages?
In most cases the information you are seeking is public record with the county.
What options are there for refinancing a non-owner occupied property?
Your only option is to go conventional as FHA does not allow financing on investments properties.
Does the Harp Loan requier income verification
Bottom line is, income verification is necessary with all residential mortgage loans.
Should I refinance with a conventional loan? I want to get out of FHA MPI a year after original purchase.
If you have at least 20% equity in your home in most cases it will make sense to go with a conventional loan. Click the links below to see an estimate of the value of your home.
Is there a difference between the down payment and points?
Hi Michael, 1 point is 1% of the loan amount, which is used to buy down the interest rate. Do not confuse this with origination which is the fee to the lender to conduct business. Down payment is the amount of money you put down towards the purchase price.
Was the Harp 2.0 program closed at some point and was the Harp 2.0 just doing interest rate reductions?
Harp 2.0 is still available, there must be a tangible benefit in most cases is an interest rate reduction.
Can anyone figure out how to refinance me???!!
Unfortunately the scenario would not qualify for harp as the originals borrowers would have to remain on the mortgage. If you we're not underwater you could do a conventional refinance in just your name as long as you have been on title in most case a minimum 12 months.
What is the maximum dti when purchasing a second home?
You will find in most cases the max DTI on a second home is 45%.
Home equity loan with good credit but hight debt ratio
Most lenders top end expense ratio usually does not exceed 60%. My suggestion is if you are a member a a credit union visit that option, they sometimes bend for their clients.
What is the average time between initial application and closing for an FHA loan?
As fast as 10 days, but typically no more than 3 weeks.

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