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You may take a small hit temporarily but in the long run a refi shouldnt hurt your score
If you can get a refi without HARP there probably isnt a reson to go that route - it is more for folks that are upside down and need to refi
Good Luck
Brian
@biggestmexi wrote:
Cannot refi due to my lender adding some "credit enhancment" to my loan <= what does that mean? when i got it in '07 Need to use FHA or if i can get an appraisal high enough.
I was actually reffering to my mortgage.
what is the credit enhancement you mentioned?
Unsure.
I found out because of the Rep at Quicken Loans, but he couldn't tell me anything about it.
I asked if contacting my current lendor will help me and he said probably not, as the reps there don't know much.
And i do not remember anything adding to mine when i got it.
Whatever it is it make me ineligble for HARP
This will sometimes happen when you have pool insurance after closing, which means that the insurance cannot be transferred. When it does, the only thing you can do is a same-servicer refinance so that the loan can remain the in the enchanced pool. Here is the official language and explaination below.
Are existing loans with lender-paid pool insurance coverage, investor-paid (i.e., Fannie Mae–paid) pool insurance, or other secondary market coverage eligible for Refi Plus refinances?
Most existing Fannie Mae loans with lender-paid pool coverage (sometimes referred to as GSE pool insurance), investor-paid pool coverage, or secondary market agreements (to the extent the secondary market coverage reverts to the original primary MI) are eligible for the Refi Plus DU and manual underwriting options.
Existing loans that had these types of credit enhancements added after loan closing, and the coverage was necessary to meet Fannie Mae minimum credit enhancement requirements applicable to loans with LTVs in excess of 80%, remain ineligible. Lenders may contact their account teams to discuss other options for refinances of existing loans that have these forms of alternative credit enhancement arrangements, including options for loans that are excluded from the eligible DU Refi Plus database.
Are loans currently subject to lender recourse and/or indemnification agreements eligible for Refi Plus?
Many existing Fannie Mae loans that are subject to recourse and/or indemnification agreements are eligible for Refi Plus (DU or manual underwriting). Effective with loan applications dated on or after February 1, 2010, for Refi Plus (manual underwriting), existing mortgage loans that are subject to full, unconditional recourse agreements, including loans with less than life-of-loan agreements, where such agreements were not needed to meet Fannie Mae’s minimum credit enhancement requirements applicable to loans with LTV ratios greater than 80%, are eligible only if the new mortgage loan is delivered with full, unconditional life-of-loan recourse, designated with Special Feature Code 001. Existing mortgage loans that are subject to conditional or other non–full recourse agreements remain eligible for Refi Plus and (not applicable to DU Refi Plus; refer to the Selling Guide for details).
Existing loans that are subject to recourse and/or indemnifications agreements, and the coverage was necessary to meet Fannie Mae minimum credit enhancement requirements applicable to loans with LTVs in excess of 80%, remain ineligible for Refi Plus (DU or manual). Lenders may contact their Fannie Mae account teams to discuss details regarding recourse/indemnification loans that remain ineligible and potential options.
Not sure who your current lender is, but a lot of BofA mortgages seem to have this issue. You can try calling your current servicer to ask about it.
Thank you for the information.
Originally my current lender (PHH) is who I called first.
I contacted them thinking it would be much easier to do it through them since their rates are rather low, and just to get a feel about it. I figured this would all be much easier but now it has turned into a big mess.
They were the ones that originally told me I cannot refi unless I want to put 10k down.
So, now I am wondering if I should just wait to Refi later this year. Do some home upgrades to try to get the value up, then wait until summer so it can look better then try it again. What do you think?
How much do you owe on your mortgage? Was an appraisal done or were they just estimating the value?
I take it you went to https://knowyouroptions.com/loanlookup - did it say you were eligible?