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LTV 132% need a lender!

My loan is currently owned by Fannie Mae and serviced by Seterus. The interest rate is currently 6.81% and I have MI on the loan provided by United Guaranty. Principal balance is $47,860 Fannie Mae value is $36,300 = 132% Someone out there has to be able to refinance me! I have called two dozen lenders and have found that most are capped at 105% or no cap ONLY if they currently own your loan. by lisa_7_881_729 from Clifton, New Jersey. Jan 14th 2013 Reply


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

There are lenders all over the country that will do unlimited HARP, but I think your biggest problem is your loan size... Since new laws limit the amount of fees a lender can charge on a mortgage (5%), for a loan at $50K.. it leaves very little room for the lender to make a profit. So your real problem is more than likely your loan amount, not your Loan to Value... 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

Jan 14th 2013
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Dave Pressel (DavePressel)
#93 ranked lender in New Jersey - 12 contributions

Lisa,I can help you on thisDave Presseldave@westtownsb.com

Jan 14th 2013
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,823 contributions

Lisa, I have to agree with William on this. You are going to discover that most lenders have a minimum loan amount that you fall below. You are likely to find the best deal from your current bank, and even then I suspect you will find it is not beneficial to refinance. If you calculate out your actual cost, and divide it by your monthly interest savings, you will probably find that it could take you ten years or longer to recoup what you spent to get the loser rate. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Jan 14th 2013
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I'm in Northern Ohio NOT New Jersey as the site automatically posted.

Jan 14th 2013
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Steven Ceceri (CreativeFinancingOptionsGroup)
#36 ranked lender in Massachusetts - 723 contributions

Hi Lisa! Connect with me offline to discuss this in more detail please!

Jan 14th 2013
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Matt Pollina (matt@smartmtgs.net)
#58 ranked lender in Illinois - 40 contributions

Unfortunately, many lenders may be hesitant to look at refinancing a mortgage for that amount. You may want to look at not going for the HARP program and ask any realtors you may know what they think the value of your home may be. If they can give you a range it may be worth getting an appraisal, You may get lucky and wind up getting an appraisal that is much higher than the figure Fannie is quoting. This doesn't happen too often but it might be worth a shot. I wish you all the best!

Jan 14th 2013
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,240 contributions

Lisa, you will need to find a lender that will underwrite your loan by Harp guidelines without any overlays. Reach out to us and we will give you the name of a lender we know that underwrites to Harp Guidelines.

Jan 14th 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

Someone can help you if it's a Fannie Mae. There are a couple people above that can help you but in reality with the loan amount being so small there could be a hit rate Or with the fixed costs of all loans like title, origination, possibly appraisal, you may want to compare those costs to the amount of payment saved. It may not be worth the refinanced lower rate compared to the payment savings even though you have a high rate right now. Make sure to do your math when you find someone to help you.

Jan 14th 2013
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Linda Miller (Linda Miller)
#2 ranked lender in Utah - 568 contributions

Lisa, there are lenders who will do much higher than 105% but you have to look for them. Your best bet is to call a local Lender 411 mortgage professional. They can guide you in the right direction. You also have a challenge because most lenders do not want to do loan that are as small as yours. One of the answers mentioned that you should contact a real estate agent and see if they can do some comparables for you. I have found that over the last six months are so appraisals have been coming in higher than expected. Good luck.

Jan 14th 2013
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Andrew Alfonso (CashCow)
#43 ranked lender in Florida - 271 contributions

Lisa -- I have a good friend that can do this without blinking. You ready? I would do it myself but I am not licensed in New Jersey. The only thing I ask is that you make sure my friend knows I referred you - FAIR? Ok then -- Call Eric at 704 560 5077 Andrew Alfonso with CASH COW FUNDING .

Jan 14th 2013
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,240 contributions

Lisa,I asked the lender I gave you if they have a minimum loan amount for a Harp, they said no. Please let me know how you make out!Thanks,Benny

Jan 14th 2013
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Jeremy Redlinger (JeremyR)
#30 ranked lender in Minnesota - 191 contributions

Call a local mortgage broker, im sure they can find a lender for you.

Jan 14th 2013
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Robert Hanson (rhanson)
#38 ranked lender in Maryland - 646 contributions

Poster is correct that loan size can create an issue. However, if you still need help, I can do "smaller" loans such as these. I am always happy to assist whether I work on your financing or not; So if you need more information, a pre-qualification, or a competing rate quote you can go to my web page and use my live support button to discuss or get advice on anything at all with me. Web Address is: http://www.loansfromrob.com/quote/ Email is rhanson@gladewaternational.com and direct phone is 240-752-7549. Good Luck -- Rob Hanson

Dec 18th 2013
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