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Can I refinance a underwater Freddie Mac Loan with LPMI under HARP 2.0

My mortgage is currently through B of A. It is a Freddie Mac loan and is underwater (LTV around 110%). My wife and have good credit scores (low 700's) and qualify for all the other standards outlined in HARP 2.0. B of A will not refinance my loan due to LPMI. Is any lender offering refinaning programs for underwater Freddie Mac Loans with LPMI.

by Ralph__978_411 from King George, Virginia. Mar 28th 2012 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Yes... Just about everyone out there that is doing HARP 2.0 will do it if the MI company's certificate can transfer.. Some lenders deal with only a few MI companies, while others will deal with any of them... you should contact a LOCAL mortgage broker, not a bank or 50 states lender... dealing with the broker gets you access to numerous lenders at the same time, and they can shop for the best rates and lowest fees for your particular scenario..WilliamAcres.com

Mar 28th 2012
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Ken Burrows (mortgagesforamerica)
#20 ranked lender in Nevada - 572 contributions

Yes we can help you. We offer the HARP 2.0 program for underwater Freddie loans with unlimited loan to value with LPMI. We can go down to 620 scores. Please give me a call and I can help you. 888-320-7888 www.MortgageWholesale.net - Ken

Mar 28th 2012
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Steve Myers (steve@MetFund.com)
#28 ranked lender in Virginia - 3 contributions

Ralph, the answer to your question is it depends. There are lenders who are willing to do the HARP refi of LPMI if it was setup as single payer MI. Most lenders also have relationships with certain MI companies and require the existing MI to have been insured by one of these MI companies. The question to you is was it single payer? And who was the insurance company? Then I can give you a definitive answer and help you get a lower payment.Great question!Steve Myers703-281-7575www.MetFund.com

Mar 28th 2012
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Joyce Ettingoff (speedlad)
#35 ranked lender in Maryland - 68 contributions

We can help you with this..If our system accepts it we have no "overlays" as we say in the trade..give us a shot..We are Empire Financial Services 51 Monroe Street #1107 Rockville, MD you can call me at 301 915 5644 or email at speedlad@aol.com

Mar 28th 2012
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,240 contributions

As you are seeing with others here, you probably have options. It is surprising that BOA won't do it if they currently have the mortgage - but maybe not THAT surprising. They've really cut back on what they will do. Give one of us a chance to see what we can do for you if all the pieces fall into place.

Mar 28th 2012
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Brian Mayer (usdaloans)
#40 ranked lender in Maryland - 30 contributions

I believe I can. I can get you a yes or no in 1 hours and a full approval in 48 hours 443-624-9398

Mar 28th 2012
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Shon Atabaki (ShonAtabaki)
#49 ranked lender in Washington - 95 contributions

Lots of positive feedback as you can see. This should be easy with another lender. B of A has been at war with the MI companies & with Fannie Mae & Freddie Mac for some time, so they aren't representative of what is available in the mortgage market as a whole. You should have no problems. Best of luck!

Mar 28th 2012
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Melvin List (melvinlist)
#144 ranked lender in Florida - 124 contributions

I would contact a local mortgage professional in your area. Freddie can be a little a little trickery than Fannie when it comes to approvals especially on the higher loan to values. You loan to value is not bad though so you should be in good shape.I only lend in Florida!

Mar 29th 2012
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