Can a home be denied a refinance due to waiving PMI on the original mortgage?

Good Afternoon! I would be happy to go over the details of your scenario and check with our In House Underwriting Department for any potential "red flags" if you'd like. Please send me a direct message to discuss this in more detail! Thank you.

Your question makes no sense.. If you have a conventional loan now, and it's owned by Freddie or Fannie, and it was initiated prior to May 2009, then you can do a HARP 2.0 refinance.. Quite a few lenders will not allow MI transfers.. But there are quite a few that will.. So if you have PMI, you can still do the refinance.. There are exceptions here though.. Some companies will only accept refi's with MI if the MI company is on their approved list.. For example, if your MI company is RMIC, then you probably won't find a lender who will approve you.. Since RMIC is no longer insuring loans.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Many lenders will not do the HARP refinance if there is currently MI on the loan. Although Fannie and Freddie allow this on HARP refinances, some lenders have made a business decision not to do them. I have a blog post re this subject that you can find on my profile on this site. I would be pleased to let you know how the transfer of MI is done. It is very simple and should not stand in your way of refinancing.

The short answer is yes. Some loans that look like they should qualify for HARP don't because of certain issues. I've had loans that were originated well before the June 1, 2009 effective date that are ineligible because the lender elected to hold the loan in their own portfolio before selling it into the FNMA pool, thus making it ineligible. I've also had a couple where the loan was sold to FNMA, only to be forced back on the originating lender (OL) because of some deficiency in the file. In one case to make the loan salable, the OL had to acquire post funding MI on the loan, thus making the file ineligible. In another, the loan was made at 80% LTV, but by the time the file got to FNAM for purchase, the LTV was above 85% and since the file had no MI and didn't meet the 80% requirement for loans with no MI, is also not eligible. I know it seems counter-intuitive, but unless FNMA/FHMLC say the loan is eligible, it is not and your request will be declined. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

They shouldn't deny it because you had waived escrows in the past. However, most lenders require escrows to be included in your new mortgage payment if you are doing a HARP refinance and are underwater by more than 105%. If they said that you had to have monthly escrows and you refused, then I suppose they could deny you because of that. Are you opposed to having escrows monthly?

Whether or not you can refinance depends on the details of your current mortgage. What type of mortgage it is currently (FHA, VA, Conventional, USDA)? What date did you purchase your home? How far underwater are you? I could assist further if you could share this type of information with me. Feel free to email me at chad@mortgagewithchad.net.

That is an internal guideline to transfer the PMI. A lot of lenders do not allow that in a HARP refinance. We have programs that allow PMI transfers. There are few lenders that offer that but we can get it done for you. Get into touch with me if I can be of assistance. P: 888-320-7888 - Ken@MortgagesforAmerica.org

I would be happy to discuss all the information regarding your scenario. There are a lot of additional factors and information needed to figure out what is going on and if you can be refinanced.

The answer to your question is no. Simply. Thanks! Andrew Alfonso

I'm located in Mint Hill. Please call me so we can discuss your details for the refinance. 704-248-8742 or you can email me at angelo@lendwithleverage.com

I'm a local mortgage company in Mint Hill. Please call me so we can discuss the details. 704-248-8742 or you can email me at angelo@lendwithleverage.com

Please email your servicer/bank... i might have someone to help you linda yourloanpartnerforlife@live.com

Like Chad told you , it depends on what type of loan you got {FHA,VA,Rd or Conventional}? when you got the loan? and what is your present loan to value on your house?