Above 125 LTV lender in Illinois needed

Big mistake... contact a LOCAL mortgage broker, not your current bank, not a 50 states or internet lender, but your local mortgage broker. He has access to numerous lenders and is familiar with local customs that most internet lenders have no clue about... plus he can find the right lender for your particular scenario.. WilliamAcres.com

There are a number of lenders willing to go above 125%. I'm telling people to Contact a local Mortgage Banker /Broker. DON'T use one of the big banks, DON'T use one of the big national Mortgage factories, and DON'T use the people you are currently making payments to. We have heard that the big banks are already advising their customers that it could be a 4-6 month lead time before they will be able to close escrow. You shouldn't have to wait. The local or regional Mortgage Banker/Broker is better equipped to handle the volume. We tend to be much more nimble in adding or moving personnel to accommodate a spike in volume. The big guys don't want to hire more people, so instead you wait and wait and wait. Another benefit is that your local Mortgage Banker has access to all the lending sources, allowing for an easier fit into the lender or program that makes the most sense for you. Whoever you choose, make sure you check them out at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

Our company is a FNMA FHLMC direct lender and we are still getting details on Harp 2.0. I know the system is being updated continuously and at this time it appears that applying for a harp 2.0 is a bit premature. We can do some preliminary work and position you for the program when it opens up completely. There are inspection waivers that are supposed to kick in making LTV a non issue but we are finding with condos the inspection waivers are more difficult to come by. Regardless this program is intended just for people like you but it also appears that the first to the party will be the more frustrated party goers. Patience will prove a virtue and some who say they are offering the program and are brokers may wind up without the opportunity (from what I hear). Our company is located in Palatine and we are a direct lender. If you'd like to contact me to discuss you can do so via lender 411 or www.rglovermortgage.com.

Thanks for the question. Not all lenders have adapted the new HARP enhanced guidelines yet and even when they do your best bet is to go with a local banker - big banks are notorious for charging steep fees and in most cases you can get a better deal elsewhere. We currently offer HARP loans with the new enhanced guidelines including the appraisal waiver. For more information visit our website at www.silvercreekfinance.com or contact me directly, I would be happy to review your situation and find out if you qualify for the program. Thanks -- Sam

I agree with the below comments. Contact a Chicagoland mortgage banker/broker who may be able to help you. Most have not rolled out their guidelines yet but should be close.

I would call a local mortgage broker to help you. A local mortgage broker will be able to shop your loan with many different lenders.I only lend in Florida!

Hi, Not a problem!I am a local broker located in St. Charles, IL and we have several lenders that are doing HARP 2.0.I just got a borrower approved at 165%LTV and he currently has MI.Compared to that, your loan sounds easy!:-)Give me a call anytime.Kris KrajeckiGreat Mortgage630-347-6321NMLS#225689

WE are in the same boat in August 2012 as you were in March with our freddie mac originated 80% mortgage at 6%! WE can't find in state (IL) 125% LTV lenderWhich lenders did you find?

Devon Bank in Chicago is a community bank that lends in Illinois and surrounding states. We are one of the few lenders that will go to 150% LTV. We have 30 day turn times on most HARP loans and a lot of experiences doing both Fannie Mae and Freddie Mac HARP deals. We might be able to help on some higher LTV HARP loans or with deals that are taking 2-3 months to close with the big banks. Thanks... Chris McAuliffe (O)773.423.2337 cmcauliffe@devonbank.com NMLS#853553

pmajon_126_658: Options exist for you. If your loan is held by Fannie Mae or Freddie Mac and was originated prior to May, 2009 ... we have the ability to help you. I need your information to accomplish this. Please contact me at your convenience so we can proceed.I look forward to hearing from you and working to improve your financial situation. Thanks for the opportunity ...Gene

We can go over 125% with the HARP 2.0. Give me a call I can help you. I specialize in this program. 888-320-7888 www.MortgageWholesale.net