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Want to refi but don't qualify for HARP & don't have 80% LTV

Been trying to combine our primary and HELOC (which we took on to avoid PMI when we first bought our home) but keep getting denials from a number of mtg brokers & banks. Our FICO scores are 790 and 800. 702K owed on primary, 453k on HELOC. Our salaries are great. 350K+. Current on all payments. Just wish to consolidate both into fixed 25 or 30 yr at these great rates. Our home value is probably 1.1M-1.2M but would have to get appraisal to verify. There seems to be no options for responsible home owners like us. Any options without having to do cash-in refi? by gemini_110_237 from Rancho Palos Verdes, California. Feb 3rd 2012 Reply


Austin Soutas (ocforeclosurehelp)
#442 ranked lender in California - 10 contributions

If you would like I can discuss this with you further it seems as though you may be looking into the wrong programs. Give me a call or send me an email with your contact information.Austin S.949-229-1652austinsoutas@gmail.com

Feb 3rd 2012
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Alexander K (alex@ogimb.com)
#396 ranked lender in California - 56 contributions

Yes. You have one option i can think of....DU REFI PLUS. 800-323-1899 ask for alex

Feb 3rd 2012
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Don Maher (don@ucloan.net)
#372 ranked lender in California - 30 contributions

What was the date you closed your purchase

Feb 3rd 2012
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Alexander K (alex@ogimb.com)
#396 ranked lender in California - 56 contributions

I just calculated for you...and you are at 63% ltv with your first and 105% cltv. This may allow you to qualify for the Plus Program. Call me at the number above asap~

Feb 3rd 2012
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Nathan Rufty (nathan.rufty)
#523 ranked lender in California - 63 contributions

Gemini, you may have 3 options, a Refi Plus and a striaght refinanace on a to a loan amount to $625,000, do you have the funds to bring and close the gap of $625k to $702 and then do a jumbo refinance at around 70% loan to value, please call me at 909-230-4395 to discuss in detail so I can review, income, credit and equity.

Feb 3rd 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

In order to qualify for HARP you mortgage must be owned by Freddie or Fannie.. it if isn't, then it won't qualify, leaving you less options.. There's a lot of information missing, and the fact that you have dealt with several loan officers with brokers and banks, tells me there's more to this picture than the limited info you provided... If you are willing to come to the table with cash, you can buy your loan balance down to conforming limits, and it's possible to get financing for your property that way... if you're not willing to come in with cash, then contact your existing lender and see if they would do a refinance to help lower your rate.. WilliamAcres.com

Feb 3rd 2012
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Blake Kleckner (BlakeK)
#387 ranked lender in California - 258 contributions

There are a few answers above that are absolutely erroneous. Loan officers need to be knowledgeable enough to provide correct information to borrowers, especially high quality borrowers like you, or they shouldn't give their opinions. They only serve to "muddy the water" and cause unnecessary confusion. There may be some refinance alternatives for you depending upon certain circumstances. To determine this, a few questions need to be asked and answered, which can't be done properly in this forum. Give me a call 16/7, or email me, and I'll be happy to discuss the possible options with you. To learn more about me and our mortgage brokerage, click on my picture. When the next page pops up, click on "Website" and you will be redirected to ours. We work exclusively in CA and get loans done fast, typically in less than 30 days, at low interest rates and costs. Representing 39 quality lenders that offer more than 1,000 loan programs, we definitely have something for everybody.

Feb 3rd 2012
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