Trying to refi w/Harp 2.0 to a 15yr/fixed. I have no lates, no non pays, 800FICO and sky high LTV..Help

HARP loans Carry a Higher Interest rate. The only way to get a rate in the upper 3% range would be to do a regular fully underwritten underwrite.

That last answer is not correct. If he read your inquiry completely and understood it he would have seen you are looking for a 15 year fixed or his company is overcharging. We can do something in the mid 3% range on a HARP 2.0 deal. Call me or apply online and I will call you and send you a Good Faith Estimate. The only concern is you have LPMI. I know we can recert MGIC and Radian normal MI. I will have to inquire with our two lenders that do this and the actual MI company that holds your LPMI, but that is a concern. That may be why they wanted you to go normal process, but your LTV is excessive and you will not qualify under a normal full underwrite if your LTV is too high. I am at your service if you would like to talk more.Brad Cahoone - NMLS ID 184176 -Global Home Finance Inc - NMLS ID 316441 - globalhomefinance.com/apply.php - 972-724-3222 ext 227 - 866-515-4097 ext 227 toll free - 972-692-7888 efax - 972-420-1999 land fax - Saving Texas One Homeowner At A Time!!!

I would be suspicious as well. Most lenders have not released their overlays (additional guidelines) for the HARP 2.0 program. The rate should be really close to what is currently being offered for a full up qualifying loan. 4.75% is high... I think it's time to check with a different broker... WilliamAcres.com

Understand that because there is a higher degree of risk for a loan that is originated with negative equity, the interest rate is almost certainly to be higher than a loan with 20% equity. Because investor overlays (additional restriction/criteria) have not yet been issue, no one can accurately quote a HARP 2.0 loan rate. Most likely the rates will be higher, and you could argue that the higher rate is in some way the same as Lender paid MI, which is typically paid for by a higher interest rate. I would suggest waiting an additional couple of weeks and use this time to find a better Mortgage Banker/Broker. Make sure you check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

Hi Jessie, Final Guidelines are not out yet but it would make sense that the rate would be slightly higher if PMI is rolled into the loan. There are several options for PMI available and that is why you should seek out a mortgage broker who would most likely be more experienced than a bank loan officer and be able to shop multiple wholesale lenders/banks at once and come up with the best option to maximize rate and terms for you...good luck