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Home › Forums › Housing › HLS update: 105% REFI’s available now *NO mortgage insurance* FNMA

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  • April 7, 2009 at 6:11 PM #15441
    HLS
    Participant

    Ok, please don’t shoot the messenger..
    effective immediately, I can offer loans up to 105% of current market value with NO mortgage insurance.

    30 YR Fixed Rate…
    Owner occupied AND rental properties.
    1 to 4 units.. Some condos are included, some are not.

    MUST be a current FNMA loan..(I think that Freddy is OK too) Any existing 2nds cannot be rolled into a new loan. No new 2nds will be allowed. Income needs to be verified.

    Pricing is based on credit score & LTV.
    Pricing will change daily. Closing costs can be rolled in. Rates as low as 4.25% with a buydown cost.
    Today, for owner occupied with a 740+ score, 100% financing up to $417K is around 5.25% with a half point cost on a $400K loan + 3rd party closing costs.

    Up to $546K available in San Diego county. Rate/cost above $417K is a bit higher..

    You cannot take cash out, just refi existing 1st loan.

    The sad thing is that it looks like anyone who has mortgage insurance now, cannot refi and get rid of their mortgage insurance (This is so unfair)

    Lots of guidelines to read, Let me know if ya have any questions…

    This will help many people across the country who want to stay in their homes with a lower payment.
    It’s not going to solve the housing crisis.

    I’m trying to understand the logic of not allowing ppl currently with mortg insurance to get out of paying it, but allowing new refis to avoid it.

    April 7, 2009 at 6:19 PM #377632
    jpinpb
    Participant

    HLS – some of these programs just don’t make sense. I remember back in the day when I tried to do a refi, they wouldn’t let me get the lower interest rate at the time b/c of loss of more than 20% (that I put down) in value of the house. So I guess I could make the high mortgage payment, but not the low one.

    April 7, 2009 at 6:19 PM #377909
    jpinpb
    Participant

    HLS – some of these programs just don’t make sense. I remember back in the day when I tried to do a refi, they wouldn’t let me get the lower interest rate at the time b/c of loss of more than 20% (that I put down) in value of the house. So I guess I could make the high mortgage payment, but not the low one.

    April 7, 2009 at 6:19 PM #378254
    jpinpb
    Participant

    HLS – some of these programs just don’t make sense. I remember back in the day when I tried to do a refi, they wouldn’t let me get the lower interest rate at the time b/c of loss of more than 20% (that I put down) in value of the house. So I guess I could make the high mortgage payment, but not the low one.

    April 7, 2009 at 6:19 PM #378089
    jpinpb
    Participant

    HLS – some of these programs just don’t make sense. I remember back in the day when I tried to do a refi, they wouldn’t let me get the lower interest rate at the time b/c of loss of more than 20% (that I put down) in value of the house. So I guess I could make the high mortgage payment, but not the low one.

    April 7, 2009 at 6:19 PM #378131
    jpinpb
    Participant

    HLS – some of these programs just don’t make sense. I remember back in the day when I tried to do a refi, they wouldn’t let me get the lower interest rate at the time b/c of loss of more than 20% (that I put down) in value of the house. So I guess I could make the high mortgage payment, but not the low one.

    April 7, 2009 at 6:23 PM #378259
    HLS
    Participant

    Refinancing a rental property to 105% with a low credit score is not cheap.. huge pricing hits.
    As always, the pricing gets a bit complicated.

    Matrix table based on score & LTV…

    This is a desperate attempt to keep people from walking away, but VERY unfair to anyone currently with mortg insurance..

    People need a place to live. If this makes payments cheaper than rent, people wont care what they owe. They will have a (mostly) tax deductible rent payment.

    Considering the net cost to the taxpayer, this may be the most intelligent program of any so far.
    It should be successful, and the next program may be up to 125% (or more)

    April 7, 2009 at 6:23 PM #378136
    HLS
    Participant

    Refinancing a rental property to 105% with a low credit score is not cheap.. huge pricing hits.
    As always, the pricing gets a bit complicated.

    Matrix table based on score & LTV…

    This is a desperate attempt to keep people from walking away, but VERY unfair to anyone currently with mortg insurance..

    People need a place to live. If this makes payments cheaper than rent, people wont care what they owe. They will have a (mostly) tax deductible rent payment.

    Considering the net cost to the taxpayer, this may be the most intelligent program of any so far.
    It should be successful, and the next program may be up to 125% (or more)

    April 7, 2009 at 6:23 PM #378094
    HLS
    Participant

    Refinancing a rental property to 105% with a low credit score is not cheap.. huge pricing hits.
    As always, the pricing gets a bit complicated.

    Matrix table based on score & LTV…

    This is a desperate attempt to keep people from walking away, but VERY unfair to anyone currently with mortg insurance..

    People need a place to live. If this makes payments cheaper than rent, people wont care what they owe. They will have a (mostly) tax deductible rent payment.

    Considering the net cost to the taxpayer, this may be the most intelligent program of any so far.
    It should be successful, and the next program may be up to 125% (or more)

    April 7, 2009 at 6:23 PM #377914
    HLS
    Participant

    Refinancing a rental property to 105% with a low credit score is not cheap.. huge pricing hits.
    As always, the pricing gets a bit complicated.

    Matrix table based on score & LTV…

    This is a desperate attempt to keep people from walking away, but VERY unfair to anyone currently with mortg insurance..

    People need a place to live. If this makes payments cheaper than rent, people wont care what they owe. They will have a (mostly) tax deductible rent payment.

    Considering the net cost to the taxpayer, this may be the most intelligent program of any so far.
    It should be successful, and the next program may be up to 125% (or more)

    April 7, 2009 at 6:23 PM #377637
    HLS
    Participant

    Refinancing a rental property to 105% with a low credit score is not cheap.. huge pricing hits.
    As always, the pricing gets a bit complicated.

    Matrix table based on score & LTV…

    This is a desperate attempt to keep people from walking away, but VERY unfair to anyone currently with mortg insurance..

    People need a place to live. If this makes payments cheaper than rent, people wont care what they owe. They will have a (mostly) tax deductible rent payment.

    Considering the net cost to the taxpayer, this may be the most intelligent program of any so far.
    It should be successful, and the next program may be up to 125% (or more)

    April 8, 2009 at 9:55 AM #377990
    LarryTheRenter
    Participant

    HLS – can I refinance a rental property?? 328K loan (no second)..which is 60% LTV…A townhome if that matters….What are the rates assuming good FICO and income etc etc.????? Maybe 0 or 1 point….30 yr fixed preferably….

    April 8, 2009 at 9:55 AM #378615
    LarryTheRenter
    Participant

    HLS – can I refinance a rental property?? 328K loan (no second)..which is 60% LTV…A townhome if that matters….What are the rates assuming good FICO and income etc etc.????? Maybe 0 or 1 point….30 yr fixed preferably….

    April 8, 2009 at 9:55 AM #378267
    LarryTheRenter
    Participant

    HLS – can I refinance a rental property?? 328K loan (no second)..which is 60% LTV…A townhome if that matters….What are the rates assuming good FICO and income etc etc.????? Maybe 0 or 1 point….30 yr fixed preferably….

    April 8, 2009 at 9:55 AM #378447
    LarryTheRenter
    Participant

    HLS – can I refinance a rental property?? 328K loan (no second)..which is 60% LTV…A townhome if that matters….What are the rates assuming good FICO and income etc etc.????? Maybe 0 or 1 point….30 yr fixed preferably….

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