Posted on: 03rd Sep, 2010 12:04 pm
I need some advice.
I own a condo which I purchased 3 years ago. I make all my payments on time. I owe 380k right now and the value has dropped to about 320k. Im in an interest only loan which is owned by Fannie Mae. Ive been trying to get approved for this 125 ltv harp loan thats out there. So far Ive had no luck because of my DTI being too high. Can anybody tell me if this 125ltv loan is really going through? I dont know what else I should do. I can afford the payments but my rate is 6.375 right now. All I want is to get into a 30 yr fixed at todays current rate.
I own a condo which I purchased 3 years ago. I make all my payments on time. I owe 380k right now and the value has dropped to about 320k. Im in an interest only loan which is owned by Fannie Mae. Ive been trying to get approved for this 125 ltv harp loan thats out there. So far Ive had no luck because of my DTI being too high. Can anybody tell me if this 125ltv loan is really going through? I dont know what else I should do. I can afford the payments but my rate is 6.375 right now. All I want is to get into a 30 yr fixed at todays current rate.
hi joeymaller!
welcome to forums!
those lenders who participate in the home affordable refinance program (harp) might offer you a 125% ltv loan. however, in order to get this option, you will have to satisfy the required criteria of the lender. to know more about the program, check out the given page:
http://www.mortgagefit.com/refinance/obamaprogram-homevalue.html
feel free to ask if you've further queries.
sussane
welcome to forums!
those lenders who participate in the home affordable refinance program (harp) might offer you a 125% ltv loan. however, in order to get this option, you will have to satisfy the required criteria of the lender. to know more about the program, check out the given page:
http://www.mortgagefit.com/refinance/obamaprogram-homevalue.html
feel free to ask if you've further queries.
sussane