Hi, I recently tried getting the HARP 2.0 loan, but was told by the mortgage broker, I didn't qualify because the PMI company on my loan has closed down so they can't transfer the insurance. Are there any other options available to refinance. My mortgage is $170,000, but my home is valued around $156,000. Credit is excellent at 750.
Try another mortgage broker, that has more lenders
not all is lost. do you know who the mi company is/was - perhaps PMI or RMIC? we have been very successful in getting the policies reissued. call me when you get moment and we can discuss further.Briggs ClineBuckhead Hoem Loans404-303-7411www.buckheadhomeloans.com
You should get a copy of the Automated Approval findings... it should tell you who the PMI compnay was... then start shopping other brokers who have access to numerous lenders... someone out there will probably be able to do that loan... WilliamAcres.com
As HARP is rolling out, there are a lot of twists and turns happening with each lender, and additional lenders are jumping into the HARP pool. If this particular broker is telling you No, find a local or regional Mortgage Banker/Broker. Some brokers are real small shops and / or have access to a limited number of lenders. Most of the bigger or regional Mortgage Bankers/Brokers have access to dozens of outlets and will be better able to help you with a solution. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com
Try a couple other local lenders.
Your PMI should not prevent you from refinancing with HARP. I would try another broker!I only Lend in Florida!
hi there: would you be able to document the PMI company etc from back when you closed? we can try to do some research etc on your case if you'd like try cannot make any promises. Is your loan Fannie or Freddie owned do you know? You can do to their site and do a look up. Also have u tried speaking to your current servicer who you pay your mortgage to, they have overlays as a servicer for Fannie/Freddie in my experience. Mike 703 505 5300 Vantage Point Bank (FDIC) NMLS #754875
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