What lenders are refinancing accidental investment properties under Harp 2.0 in California?
We have an accidental investment property with a L to V ratio of 118% in California. It is a Freddie Mac backed loan. We have excellent credit (both over 780), but are having a hard time finding a lender that is willing to refi an underwater investment property. by ahnaga_176_698 from Placentia, California. Jul 17th 2012
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
As you can see.. There are a lot of lenders out there that can do up to 125% LTV, and a hand full of lenders will go unlimited.. 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
Kofi Akpabla (KofiAkpabla)
#21 ranked lender in Connecticut - 37 contributions
If it is a Freddie Mac backed loan, i would try Icon. They have an unlimited LTV program for Fannie and Freddie loans.
Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions
Definately possible, let Bart Help you out.
Jedd Nabonsal (jeddnabonsal)
#523 ranked lender in California - 27 contributions
Why is the property "Accidental". Please let me know what you mean by that, and I am sure I can find you the right lender.I am a California mortgage broker with 20 yrs experience and many Harp 2.0 lenders.Please call me and Clarify.Jedd Nabonsal Cell 310 433 1703 Los Angeles Pinnacle Bancorp jeddnabonsal@gmail.com
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,843 contributions
I just was running a similar file. Couldn't get Freddie Mac's automated underwriting system to approve it until I got do to 105% Loan-to-Value. Then it said yes. This means the client will need to bring about $13,000 cash to refinance, but it also saves them a few hundred dollars monthly. Find a good local licensed California lender who DOESN'T work for a bank and see if this option works for you too. HARP loans in MN or WI?? Visit www.HARP-Refinance-MN.com
Nicole Francis (NicoleF)
#435 ranked lender in California - 8 contributions
We can do it. Call me @ 949-461-1250!
The term "accidental landlord" is starting to be used more frequently to describe underwater home owners who choose to rent out their properties. You can read more about it in this Forbes article: http://www.forbes.com/sites/financialfinesse/2012/05/29/accidental-landlords-the-next-real-estate-nightmare-or-effective-housing-solutions/
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