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Is 95% ltv refinancing possible?

by george.eden103 from Jacksonville, Florida. Sep 8th 2015 Reply


Barb Lanis (BarbLanis)
#70 ranked lender in Illinois - 663 contributions

Yes, you can do a 95% LTV refinance. Although there is more that goes into determining your eligibility, you should not have a problem. You would have PMI if using Conventional or MIP if using FHA. You could also consider Lender Paid Mortgage Insurance (LPMI). You should compare all options side-by-side. I'm curious why you would be concerned since 95% is commonplace.

Sep 8th 2015
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Jericho Cherry (Jerichocherry)
#56 ranked lender in Virginia - 1,107 contributions

The simple answer is yes, if you qualify.

Sep 8th 2015
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Jason Bennett (jbennett)
#104 ranked lender in Pennsylvania - 70 contributions

Yes, if not using cash out(paying off certain home equity loans, ccards, cash) and depending on loan program and other factors to determine eligibility. If you would like more info please Contact me for more information. Jason Bennett M&T Bank at: jabennett2@mtb.com

Sep 9th 2015
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,895 contributions

Sure... 95% refinancing is available all day long.

Sep 9th 2015
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Steffnie Parsons (Steffnie)
#14 ranked lender in Oklahoma - 61 contributions

Yes but you can go even higher if you have a VA loan currently. You can do 100% refinancing with VA. MIP will be on FHA no matter what your LTV and Conventional you will have MIP until 80% LTV.Even if you have a Conventional, FHA or other loan type now and are eligible for VA you can still refinance that loan into a VA loan at 100%.

Sep 10th 2015
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,112 contributions

Yes it is possible, but it truly depends on your particular situation. Cash out or no cash out? Owner occupied, 2nd home or Investment property? 1 unit, duplex or 3 to 4 unit? Best to speak with a local loan officer or three and see what your options are. Once you find someone you are comfortable with, do a loan application and get pre-qualified. Best wishes, Sean

Sep 10th 2015
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Mark Hemingway (SFSLend)
#1 ranked lender in Colorado - 937 contributions

Yes 95% conventional loans are available if you qualify. If your credit score is not as high as conventional requirements or if your debt to income ratios are higher than they need to be then you may want to look at FHA loans. If you are already going to be at 95% the the Mortgage Insurance (MI) may be higher than if go with an FHA loan. Also if at 95% it may be a while before you have 20% equity in the property. So typically when I do loans at 95%, i turn to FHA loans. The only thing with FHA is you will have a 1.75% up front mortgage insurance premium (UFMIP) on your loan. This typically gets added to your loan amount but again the MI payment should be lower and your interest rate could be as much as 0.25% to 0.50% lower. So the increased loan amount will not affect you too much. Or pick a rate high enough that will pay for the 1.75% UFMIP fee. Talk to a qualified licensed mortgage broker with these options.

Sep 10th 2015
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Mark Hemingway (SFSLend)
#1 ranked lender in Colorado - 937 contributions

And I would be cautious about going with LPMI as some people have mentioned. Many lenders have increased the adjustments for LPMI and it may not be as advantageous.

Sep 10th 2015
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