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gixxer
106 Posts |
 Posted - 11/04/2009 : 11:59:49 AM
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Hello all,
Simply put I need a lender who sells their loans to Freddie mac so I can do a refi plus to 105% ltv. All the current lenders I am signed up with either don't do the program or only do a DU Refi Plus with Fannie Mae insured loans. I need a lender with an easy sign up process and who can run LP for me. I have previously only done Fannie Mae loans and am waiting for my company to get a TPO number with Freddie.
Super clean deal, full file ready to submit. 95% LTV, just want to use this program to avoid paying MI or the client is going to refinance with their current lender. Please help. Thank you! |
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guyee
2 Posts |
Posted - 11/04/2009 : 3:24:23 PM
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You can only do a freddie mac loan if the borrowers current lender offers the program. its the stupidest program out there !!
For example wells fargo offers the freddie mac program only if your mortgage is currently with wells fargo...its ridiculous. I just went through the whole scenario :( |
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monarchdad
2172 Posts |
Posted - 11/04/2009 : 5:11:51 PM
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| Flagstar does an open access Freddy Mac Relief Refi |
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mford_eugene
27 Posts |
Posted - 11/04/2009 : 6:42:33 PM
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| yes flagstar and fifth third bank and metlife do the freddie relief "open access" which almost mirrors the fannie du refi plus for any lender to any lender, up to 105% ltv NOO, 125% primary res, no max cltv ever and most 2nd mtg companies are subordinating IF the 1st is the HARP program as there was some strong "guideance" from obama just short of forcing them with legislation to subordinate under these circumstances. ***however, some lenders have max cltv overlay, so ask your rep. metlife has no cltv overlay! ***metlife ONLY lender for open access when subject is NOO and borrower has more than 4 financed properties or even more than 10..it's unlimited like Du Refi Plus. Flagstar and 5th/3rd open access only allow max 4 financed properties and possibly 10 max depending upon what the rule was at the time the original NOO loan was booked. |
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