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83% LTV refinance

I currently have a mortgage with 83% LTV on my home and I need to refinance before the home value falls any lower. Any ideas of how to do this? Is this LTV too high? by hasmegert from Long Beach, California. Feb 8th 2011 Reply


John A Soricelli Jr (John A Soricelli Jr)
#163 ranked lender in California - 151 contributions

To answer your question directly, yes there are loan programs available for 83% LTV. However many things will play a role into whether or not you could refinance your mortgage. Credit, Income, Actual value of your home, do you currently have MI, etc. I would recommend having a conversation with a mortgage professional you trust. If you would like to review your options please feel free to call me at 949-478-FUND or visit my website at www.ThinkJohnAJr.com.

Feb 8th 2011
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Rich Constantine (rconstantine)
#397 ranked lender in California - 79 contributions

Yes you do have options. You can see if your home is owned by Fannie mae or Freddie Mac. http://www.fanniemae.com/loanlookup/ and/or https://ww3.freddiemac.com/corporate/. If it is not owned by them, are you paying MI currently? You could go FHA and only pay the Up-front Mortgage Insurance, which can be financed in to the loan. I lend in all States. Hope this helps. Let me know what else you need?RC

Feb 8th 2011
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Jennifer Jaye Fraser (QueenBeeBroker)
#194 ranked lender in California - 9 contributions

Your LTV is not to high to refinance, however it will play an important role in the loan programs available to you. Give me a call to discuss your options. 310.877.3800

Feb 8th 2011
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Patrick McCarthy (PatrickM)
#22 ranked lender in Ohio - 196 contributions

Hello. Loans can be refinanced over 100% of the value under certain programs available now. For instance, if you currently have a FHA loan, you can refinance with little cost, no income verification and no appraisal. If you have a conventional loan, you can refi at 80% loan to value and bring money to closing, or take advantage of one of the gov't programs allowing you to refi over 80% LTV without paying PMI. I am available if you would like to ge tmore information. Patrick McCarthy, Northpointe Mortgage, 866-901-3576

Feb 8th 2011
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Matt Baker NMLS#190779 (MattBaker)
#32 ranked lender in Arizona - 75 contributions

No, 83% ltv is sufficient for a Refinance. It will require Mortgage Insurance (MI). MI is requried on all loans over 80% LTV. There are a few programs depending on which investor owns your mortgage that we can do that would avoid adding MI. So it all depends on your Appraisal in determining your LTV. I can go over programs, rate and fees with you to insure that ordering Appraisal for a Refi would benefit you. Thanks

Feb 8th 2011
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