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underwater condo calhfa 6.25% 510k loan more details

Here's my info.Let me know what is possible.I closed a new property[94539 Fremont CA] and have under water condo[94085 sunnyvale ca]. I am looking to refinance either one of them or both.Here are the details.New property:Loan amount : 729,500Property value: 812,000PITI + HOA: 49005/1 ARM @ 2.75 [FHA] closed on 11/30/12under water condo: [will be renting from jan]Loan amount: 510,000Property value: 475,000Interest Rate conventional: 6.25 %PITI + HOA : 4248Loan provider calhfa conventional [ not backed by fannie or freddie ]My income is 204k per annum.RegardsRam by upram1_416_606 from Sunnyvale, California. Dec 17th 2012 Reply


William J Acres (William_Acres)
#2 ranked lender in Arizona - 8,052 contributions

FHA cannot be refinanced until you have made 6 payments and you must save at least 5% monthly. With a 2.75% rate, it's unlikely you would meet FHA's Net Tangible Benefit requirement... the conventional loan, if it's not Freddie or Fannie, then you would need to pay down your mortgage to 80% ($130K) for investor refinance... 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

Dec 17th 2012
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john doe (unknown123)
#666 ranked lender in California - 10 contributions

FHA needs 6 months (6 payments) seasoning before you refinance again through FHA. Once you are ready then you can look into a FHA fixed loan (up to 97.5% of the total current value of your property without meeting the net tangible benefit set by FHA (considering that you have a low rated ARM). When it comes to the second property, since you are in conventional and it is an investment property, you must pay down your mortgage to 80% if you need to refinance.

Dec 17th 2012
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Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,252 contributions

i have a excellent loan officer referral for you, please email me at yourloanpartnerforlife@live.com linda she moght have sone ideas for yoy she is in california

Dec 18th 2012
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