Posted on: 18th Jul, 2011 07:37 am
i have a 30 year fannie fixed 5.5% with no pmi that originated in july 2009. balance is $467k. i want to refinance to a 30 year fixed at 4.625% with no points and no closing cost due to them being rebated back. the problem is the appraisal. it came back low due to the decrease in home values. i'm considering adding pmi $123 per month because of the new rate. i don't plan on selling for atleast 5-10 years. my loan does not qualify for the appraisal waiver because of the date it originated. based on my calculations it seems to be a good deal despite adding pmi. i plan to make the same payment i have now and to bring down the loan balance. i would like some input regarding adding the pmi.
You note that you have a Fannie Mae loan.
If the loan is owned by Fannie Mae, you are eligible to refinance under the Home Affordable Refinance Program (HARP) up to 125% of the appraised value. You are less than that because you could not get PMI for a Fannie Mae High Balance Conforming Loan over 90% of the appraised value.
If the loan is owned by Fannie Mae, you are eligible to refinance under the Home Affordable Refinance Program (HARP) up to 125% of the appraised value. You are less than that because you could not get PMI for a Fannie Mae High Balance Conforming Loan over 90% of the appraised value.
How low was the appraisal and what was the original purchase price and loan amount?
