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Refinance with 97% LTV.

I have heard there is a new 3% down program for home purchase. Does that mean, I can refinance my conventional loan with up to 97% LTV? If not, what is the max LTV I can have? by sam_caucha515 from Aliso Viejo, California. Jan 12th 2015 Reply


Chris Gummerson (cgummerson11)
#364 ranked lender in California - 648 contributions

What are you looking to accomplish with the refinance? If you would like, give me a call and I can go over your options. Contact info is on my page.

Jan 12th 2015
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Jamie Ware (YourMortgageGuy)
#73 ranked lender in Pennsylvania - 43 contributions

Yes you can refinance up to 97% conventional with MI or pay the MI upfront and have lower payments. The MAX LTV is 97% Contact me if you have any questions.

Jan 12th 2015
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#29 ranked lender in New York - 2,236 contributions

You can do 97% rate and term

Jan 12th 2015
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,439 contributions

YES, you can refinance at 97%... If your conventional loan is older that June 2009, and it is owned by Fannie Mae or Freddie Mac, you can even be underwater.

Jan 12th 2015
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Thank you all for timely feedback.

Jan 12th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,782 contributions

Conventional refinancing is available to the 97% LTV, however the 3% down is for first time home buyers only.. Also, if your loan is HARP eligible, you can refinance even if your above 97%.. even as high as 200% LTV.. 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

Jan 12th 2015
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Hans Bruhner (Hans Bruhner)
#97 ranked lender in California - 100 contributions

You need to make sure that it will serve your needs. The answer is that you likely can refinance at 97% conventional. The program is designed for a 1st time buyer and one person on the loan is supposed to be a 1st time buyer but I believe there is an exception for a refinance. An FHA loan may serve you better with typically lower rates and now lower monthly mortgage insurance than on the conventional 97% loan. There are other factors to consider and I would be happy to help and I am at (866) 385-1650 and I am in CA also.

Jan 12th 2015
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,106 contributions

Yes you can, and it does not matter what type of loan you are in currently as long as you qualify for a conventional loan of course. Contact a local loan officer and have them provide you all of your loan options to see what best fits your needs. Best wishes, Sean

Jan 12th 2015
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,106 contributions

You can go up to 975 on a refinance if you do not qualify for a HARP loan and your loan is owned by Fannie Mae. Freddie Mac will be adding this in a couple of months.

Jan 12th 2015
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,106 contributions

97% not 975, jeesh I will get this right eventually. :)

Jan 12th 2015
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