Is there a way to refinance my non-HARP eligible investment property?
I bought a home in North Carolina in 2007. After 2 years, I moved but kept the home as an investment property. I put 20% down at purchase, but since then the value of the property has fallen. I need an LTV of approximately 95%. It is a conventional mortgage. It is not owned by Freddie or Fannie. Thank you. by jmdavi_175_302 from San Diego, California. May 24th 2012
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
Unfortunately, there is nothing out there right now that will allow you to refinance at 95% LTV... As stated below, there is help on the horizon.. HARP 3.0 is in the works and we should be seeing details within the next few months.. Under this refinance program, it's supposed to help those where all the other refinance programs couldn't... more than likely, it will be an FHA product and might have mortgage insurance.. but again, this is all speculation... stay tuned.. 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
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
Unfortunately, at this time, your only option is to see what your current lender might be willing to do. They are likely to say no, but it's worth asking. On the campaign trail, President Obama has talked about getting congress to approve a program for folks like you that have been left out of the HARP program. Right now it's just talk, but hopefully something will come of it. Stay tuned. Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950
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