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LPMI

My loan is owned by FHLMC and I currently have LPMI, can I still refinance under the HARP2 program? by postbo_913_804 from Newport Beach, California. May 18th 2012 Reply


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

The HARP 2.0 program states if your loan is owned by Fannie/Freddie, and was sold to Fannie/Freddie on or before May 31, 2009, then it qualifies.. the fact you have LPMI should not affect your ability to refinance under this program, however to be sure you should contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. 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

May 18th 2012
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Dan Paladin (dpaladin)
#1 ranked lender in California - 587 contributions

Unfortunately, Freddie does not allow this...Fannie does....sorry...

May 18th 2012
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Bruce Conn (BruceConn)
#275 ranked lender in California - 19 contributions

Yes. Your loan must have funded and been sold to FHLMC prior to June 1, 2009. There are so many submissions on the program now that the funding time is backing up. Currently, we are at 45 day turn around and worry about it getting worse. If you know you can do it and you want to do it I recommend you get started right away.I can open your file and have you ready for approval with by the end of the day.We are located here in Orange County and you can check us out at CaliforniaEquity.com.Bruce Conn949 589 5800

May 18th 2012
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Ken Burrows (mortgagesforamerica)
#19 ranked lender in Nevada - 572 contributions

Yes this shouldn't be a problem. I have lenders that will do this type of loan and just transfer the LPMI. Give me a call, I specialize in the HARP 2.0 loans. 888-320-7888 - www.MortgageWholesale.net

May 18th 2012
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Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

THis should not be a problem, and california is a state that can work.. What is your loan size vs what your valued at ? I work with private fundings so we should be ok please visit my web site at www.yourloanpartnerforlife.com you might have to copy and paste into your broswer. I love new port beach, i lived there in the middle 90's right on the beach front... miss it .. linda 602-330-1598

May 18th 2012
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Angela Knight (knightab)
#612 ranked lender in California - 1 contribution

Hello. yes, you can still refinance with HARP2. Since you currently have LPMI, you will have MI on the new loan. For those who do not have MI on their loans they are permitted to refinance into a new HARP2 loan without MI.

May 18th 2012
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Dan Paladin (dpaladin)
#1 ranked lender in California - 587 contributions

I defer to my colleagues regarding being able to refi with LPMI...my source must have what we can an investor overlay restricting that....

May 18th 2012
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