Will lenders deal with an underwater borrower
I'm looking to do a HARP refi. I have heard that because it's a Fannie Mae loan, I don't necessarily have to go with my existing lender. How and where do I go to shop rates? Are lenders generally reluctant to pick up another loan that's underwater? by reyau3_715_188 from Enid, Oklahoma. Aug 17th 2011
George DeVIne (gdevine)
#7 ranked lender in Rhode Island - 46 contributions
What you're looking for is a Fannie Mae refi-plus loan, and nearly any lender can offer it to you. Put a request in on Lender411 for a quote, or ask a family member, or friend if they know a good mortgage lender they can refer you to,
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,843 contributions
Fannie Mae and Freddie Mac both offer "HARP", Home Affordable Refinance Program, which is for anyone who has lost value - including those underwater. Generally speaking you can use any lender you want, although there are some situations where only your current servicer (who you make payment to) is the only one who will help. Most lenders OTHER THAN your current one will usually give you a better deal. For shopping, we also suggest contacting a local NMLS licensed loan officer. In MN or WI, visit www.MNBestRates.com
Nick Moore (Nick_Moore001)
#8 ranked lender in Oklahoma - 6 contributions
HI-To answer your question yes they will up to 105% of the appraised value. You will have to have a fannie mae or freddie mac loan with no monthly mortgage insurance. You can contact Nick Moore at 918.682.9037 to see if you qualify.
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