June change??? What am I missing?
After June 3, 2013, all 30 year FHA loans will have mortgage insurance for the life of the loan. Case #'s assigned prior to that date will fall under the old guideline - which is that the mortgage insurance disappears when you reach 78% LTV.
Mortgage insurance is required for the first 5 years even if you are under the 80% LTV..
Anyhow, I just received a call this evening from quicken loans that I will be closing next week.
I am doing a HARP program and it has been pretty easy for me. I think that is just part of the HARP deal. If I went FHA I'm sure there would have been more hoops to jump through. Anyhow, my GF is going through and refi'ing her house as well. She's much better off and is below 50% LTV.. But she is doing a FHA and is having to provide all kinds of doc's for them.
Speaking of quicken loans and HARP.
Can someone answer this for me?
To be able to do a HARP refi with quicken you're DTI cannot exceed 65% right? The only time someone is able to do a HARP refi with DTI over 65% is if you're doing the HARP refi with your current servicer is what I've been lead to believe.
The reason I ask is I'm having a slight issue getting my HARP refi done due to my DTI being at around 70%. My loan was recently transferred from B of A to Green Tree, I've called Green Tree but as it turns out starting this last February, they just purchased GMAC. They're the ones who are doing all refinances and loan originations for Green Tree now from what I've been reading.
I contacted Green Tree to try and get a HARP refi done since they seem to be my oly option due to my DTI. Problem is the guy I've talked to there has told me my home loan hasn't quite transferred over from B of A yet. It was transferred as of Arpil 1st. He thinks it should officially be done by around May 2nd.
Anyways, I really want to get a HARP refi done but have read so many horror stories about Green Tree. Dunno about GMAC though. Hopefully they're ok and I'll be able to refi here soon. But if I could go with quicken that would be awesome. But from what I understand, that's not an option for me due to my DTI.
I have just finished financing with Quicken loans and personally I will never do business with them again. They are very nice to deal with over the phone and via Email, but what company trying to get your money isn't? Once your loan is finalized though everything changes. The people you deal with with-in Quicken loans with issues are not the same sales people that suck you in. Now they have you and they feel they own you, and they are very rude about it. I have an issue with how my loan was processed and even though I was insured they knew what I needed when all was said and done I now have to sell my home. This was a refinance, I have owned the home for 13 years, and part of the refinance was to get my former girlfreind off the loan. I told them when all is said and done whe will have nothing to do with the house. So they assured me it was all set, they sent her paperwork to sign and all is good. Come to find out all they did was refinanced to me making me the sole person responsible for the payments on the house, but she still owns half of the house. After the fact I noticed this and asked them about it and their response was, "you should have been more aware of whet you were signing". Very true, I agree with that. But they could care less, and made sure I knew they cared less. So now I have to sell my house because at any time my ex can come after me for half the value of the house. Very nice. I will nevere do business with this company again and I would strongly recommend to anyone that it would be wise to look elsewhere.