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Credit is excellent, never a late payment, no foreclosure, mortgage not owned by Fannie Mae or Freddie Mac so no harp qualification. I estimate that I am 125% loan to value and owe more than the value of my home.

2 Thoughts on what mortgage refinance options do I have if I don’t qualify for harp, harp 2, and hamp?
  1. Reply
    Pascal the Gambler
    February 1, 2014 at 12:38 pm

    Bring cash to the table to get your loan down to the LTV required by the lender.

  2. Reply
    February 1, 2014 at 1:02 pm

    How long do you plan to reside in this house. Why do you want to refinance the property?

    If you are able to make the monthly payments and you plan to reside in the house for longer than 5-10 years, there is no reason for you to refinance. You have to pay rent or a mortgage to someone in order to have a place to live.

    In a few years your equity would probably appreciate and might match or exceed your mortgage loan.

    From what you indicate the property is valued at, in order to refinance you would need to have cash for about 45% of the value of the house plus closing cost.

    Once you decide to move, you might consider renting the house and securing a FHA mortgage loan with a down payment of 3.5%

    I hope this has been of some benefit to you, good luck.

    “FIGHT ON”

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