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I own an underwater condo in CA, is it possible to refinance my Jumbo Loan?

by W_Smith from Seattle, Washington. Feb 6th 2013 Reply


Steven Ceceri (CreativeFinancingOptionsGroup)
#36 ranked lender in Massachusetts - 723 contributions

Yes, assuming it is covered by FHA, VA, or HARP (Fannie or Freddie). Send me an offline message with more details and I can look into options for you after doing more research. Thank you!

Feb 6th 2013
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Yes.. If you pay down your mortgage to 90% or below, you can refinance.. Also, if you pay down your mortgage to conventional loan limits ($417K), but if you're looking for a program that allows borrowers for jumbo loans to refinance when they're underwater, there is no such program, and there more than likely won't be.. Others might suggest you call your current servicer and inquire with them, however I will say that will be a wasted phone call and a waste of your time.. Values are going up, so if you don't want to short sell your home or do a loan modification, then you'll have to ride out the storm.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Feb 6th 2013
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,828 contributions

There are currently no programs to refinance underwater JUMBO mortgages. Only certain Fannie, Freddie, FHA and VA loans qualify for refinancing regardless of LTV. Your only options are to pay down the balance to an acceptable level to conform to the current guidelines for your loan size. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Feb 6th 2013
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

What type of loan do you currently have?

Feb 6th 2013
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Timothy Gray (insistontim)
#190 ranked lender in California - 15 contributions

If your jumbo loan meets the jumbo confirming limit for the county it is in and the loan is owned by Fannie Mae, Freddie Mac, FHA or VA then you will have options. I welcome the opportunity to review your loan options and invite you to contact me directly at tim@mortgage-alliance.net or call at 888 345-2554 x.2226Kindly,Tim GrayMortgage Alliance Group

Feb 6th 2013
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Christopher Stancato (Kyle Stancato)
#3 ranked lender in Washington - 63 contributions

It should be OK. Send me some more details if you get a chance. I am local here in Tacoma. Take care,Kyle StancatoOwner2534606000

Feb 6th 2013
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Christopher Stancato (Kyle Stancato)
#3 ranked lender in Washington - 63 contributions

I would need more details. It is possible. I am local and I own the company. Take care,Kyle Stancato

Feb 6th 2013
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Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions

Yes, if it qualifes for FHA or HARP. You can click on the image at left for my profile page and contact info.

Feb 6th 2013
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Steve Azarch (sazarch)
#18 ranked lender in Tennessee - 93 contributions

You need to provide more details but it is possible to do a refinance on your iumbo loan.

Feb 6th 2013
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