A little more help

kyfishin · Joined: 17 Jan 2008 Posts: 2 2.91 Dollars($)

Hey guys I posted a question a few days ago about quicken loans and the high closing costs. I'm starting to get a little desperate here. I can't seem to find anyone to refinance my mortgage for me. I keep running into the same problem about the ltv ratio. I know my home will probably only appraise in the 200000-210000 range. I currently owe 200000 and my rate is going to adjust in March to such a high payment I won't be able to afford my home. This totaly sucks. No late payments on my house since the four years I've owned it and now I can't get refiancing. I called my current lender for the home and they told me they couldn't help me and the rate would go up no matter what. I can't believe they would rather have me lose my home than keep getting my payments. I'm so frustrated...Does anyone out here in cyber land know any lenders that still refinance over 95% of the homes value?

jameshogg · Posted: Sun Jan 20, 2008 10:09 pm Post subject: RE: refinance with 95% ltv

Hi Kyfishin,

I was reading your earlier post and it seems they've charged a very high closing costs indeed. But again, it can be too high depending upon your state of residence. So, if you can say where you stay, may be I can help you get an idea of the closing costs charged there.

As far as refinancing with 95% LTV is concerned, have you tried with any FHA lender? FHA financing is available up to 97% of the home value. However, the maximum limit up to which you can get the loan would differ from one county to another.

Hope to hear from you soon

shane · Posted: Sun Jan 20, 2008 11:35 pm Post subject:

Agree with James, you should check out FHA. You can check out if your county's FHA loan limit will accommodate much higher than what you owe (so you can wrap in closing costs), at https://entp.hud.gov/idapp/html/hicostlook.cfm

Caron · Posted: Mon Jan 21, 2008 4:36 am Post subject: RE: lender offering 95% LTV

Hi Kyfishin,

You can look out for FHA loans. What's your debt-to-income ratio? I'm asking these because FHA loans would require you to have a fixed debt ratio of around 41%/.

As far as the loan options, feel free to discuss them with our communty. In fact, we do have a group of lenders offering various types of loans to people having different financial situations. So, if you are interested, you may as well send us your request for mortgage quotes, so that we can pass it on to selected lenders in our community.

The lenders will then match their profiles with your loan requirement and if they are able to do, they shall contact you asap in order to provide you with the quotes.

One more thing; it seems you may posted here at http://www.mortgagefit.com/refinance/closing-costs.html . Some of the members have tried to find out a solutions to your query. Please have a look at it.

Good luck

ckalvesmaki · Posted: Mon Jan 21, 2008 6:16 am Post subject:

FHA is your best bet

evolovik26 · Posted: Mon Jan 21, 2008 7:58 am Post subject:

Check out FHA loans (make sure you get a lender that knows what they are doing) and marty you can advertise yourself on your own webpage here we give advice

shane · Posted: Mon Jan 21, 2008 9:03 am Post subject:

Marty, if you read the original post you'd see that they are looking for "over 95% LTV"...

gmakerley · Posted: Mon Jan 21, 2008 9:11 am Post subject:

fha will get you up to 97% ltv for a rate/term refinance (no cash back) and 95% for a cash-out. rates are quite favorable these days, and this is well worth investigating.

see how many of us mentioned fha?? this is the product of the year - one that has been in existence for many years, now making a major comeback.

gmakerley · Posted: Mon Jan 21, 2008 9:13 am Post subject:

oh...one other thing...be very careful with whom you try your refinance if you lean toward the fha products. since so many lenders ignored government programs for so long, the level of expertise out in the market is widely divergent. make sure your lender knows what he or she is talking about.

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.03 Dollars($)

I think you may have two options here. The first may be FHA. They will go up to 98% in some cases. If you have a score over 700 then you might want to look into a 80/20. This will give you a LTV of 100%. The first mortgage will be at 80% of the value of the home and the second at the remainder 20%. This will also eliminate PMI insurance if you do it this way instead of on one loan.

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