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refi jumbo @ 90LTV

I have FHA 5/1 arm 2.75 for 700k (I pay $828 in MI)I have 100k second which was taken recently.I would like to refinance the first loan, second will subordinate to new first loanMy income is 11,667 per monthI have car lease for $239I have 20k in cash & IRALet me know if anyone could do this.my property tax + hoa + insurance is $1150 by upram1_416_606 from Sunnyvale, California. Nov 24th 2014 Reply


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

What will your loan to value be? What will your combined loan to value be?

Nov 25th 2014
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Ben Holloway (ben.holloway@mwfinc.com)
#1016 ranked lender in California - 12 contributions

Good morning, if you would please supply the value of your home, my office can supply you with a few estimtates to review. Thanks, Ben Holloway, 909.255.8240 or go to www.BenHolloway.com.

Nov 25th 2014
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Joe Patterson (joepatterson@princetoncap.com)
#999 ranked lender in California - 5 contributions

As long as the 1st loan is not over 80% LTV then it should be possible. A lot depends on your credit score and debt ratios because you are in true jumbo territory (non-Fannie/Freddie). Because the combined LTV is 90%, you don't have as many options but at first glance, we might be able to get you a 7/1 around 3.50% or a 30-year fixed at 4.75%. Let me know 408-776-7104. Joe Patterson

Nov 25th 2014
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Manny Gigante (manny@bayareafhaguy.com)
#1053 ranked lender in California - 4 contributions

what does taken already mean?

Nov 25th 2014
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Jamie Lynne (nationwidelenderforyou)
#139 ranked lender in Texas - 576 contributions

I offer 90% JUMBO loans. Let's discuss your loan scenario in more detail. Contact me at 800 315 8803. My name is Jamie and I have been lending nationwide since 1989. I am happy to answer your mortgage questions, 7 days a week and review your loan scenario. Until then, I look forward to hearing from you. Jamie Lynne - www.bartprequalifies.com - email Jamie@bartprequalifies.com - 800 315 8803

Nov 25th 2014
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Manny Gigante (manny@bayareafhaguy.com)
#1053 ranked lender in California - 4 contributions

im local and be happy to serve you

Nov 25th 2014
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my LTV is 75~80% or less and CLTV is 85~89%

Nov 25th 2014
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my home value is 900~950k

Nov 25th 2014
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Mike Johnson (MikePJohnson)
#987 ranked lender in California - 7 contributions

You don't qualify unless you can find a lender who will do a jumbo ARM at 3% or less, but given the details you provided I'm guessing you would need a hard money lender. If you go the hard money route you would need 20K minimum to get the rate down to 3%. The reason most lender will turn you down is because your loan amount now exceeds the county loan limit, which means you now are going to need a jumbo loan... and those come with a higher interest rate compared to an FHA. Anything higher than 3% means you aren't going to qualify, and the only way to get that rate is to do an ARM, which is probably why they have you in a low interest 5/1 FHA ARM now. At todays rates you would also need to find a lender who will do a jumbo arm cash out refi. Your in even bigger trouble if your home is valued less than $1.25M or if your FICO score is less than 700.

Nov 25th 2014
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Ben Holloway (ben.holloway@mwfinc.com)
#1016 ranked lender in California - 12 contributions

I would like to send you some estimates, but I need an email address to communicate directly with you.

Nov 25th 2014
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Without knowing all the details, its difficult to advise you properly. But this I know for sure.. 90% LTV is difficult to find.. your DTI is on the edge, and the lender will require at least 6 months reserves, some require 9 to 12 months. To know for sure, you should contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Nov 25th 2014
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