Need 100% LTV for investment property. Condo in Michigan. 1st loan is Fannie Mae @6.75%. 2nd loan is home equity used to buy home @6.5%. Told that I can refinance 1st loan through HARP but cannot combine two. Good credit > 620; 12 month reserve; 2 year rent history; 2 year lease currently. Any thoughts for refinance?

To do a refinance and combine the 1st & 2nd, you would need 25% equity, as "cash out" transactions on investment are limited to 75% LTV. However if your first is HARP eligible, you could refinance the first and have the 2nd subordinate. Your loan would have had to been initiated prior to June, 2009. .. 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

Sure. Look up the propery on Fannie Maes website and see if they purchased the loan before June 1, 2009 and if so then you can refi the first and subordinate the 2nd.

That info is correct, you can't combine the two unless you will have at least 20% equity based on the new loan. To get a decent interest rate your credit will need to be better than adequate, really needs to be over 720 (and preferably 740). Still, you should see a significantly lower ate on the first mortgage (probably below 5% depending on the specifics of your qualifications ) but you will not be able to combine the 2nd with it. I can help if you like pdumouchel@primelending.com - good luck!

You may be able to subordinate the second mortgage.

You will most likely need to subordinate your 2nd mortgage. Call me I have lived in and write loans in all parts of Michigan. 517-240-3015 or go to my web page and apply. http://www.huronvalleyfinancial.com/Branches/Jackson/www.huronvalleyfinancial.com2

refinance the 1st , subordinate the 2nd , also speak tomthe 2nd lien provider...they might modify the rate.

HARP only allows you to refinance the 1st mortgage, not the 2nd. You would need sufficient equity in order to combine the two, which you said that you do not. Best best is to use the savings obtained from refinancing the 1st and apply to the 2nd to pay down faster. By the way, 6.50% is not that bad for a 2nd mortgage.