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The high loan to value refinance program is for people who have a Fannie Mae mortgage now, who are making on time payments, and whose loan to value ratios (LTV) is higher than what would be accepted for a traditional mortgage.
Understanding LTV: The loan to value (LTV) ratio is the percentage of value which you want to obtain financing for.For example if you want a loan of $90,000 and the value of a property is $100,000 than it is a 90% loan to value ratio. The appraisal plays an important factor for the LTV.
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Your loan to value is determined by dividing your current balance against the appraised value of your property. While it can sometimes pose difficult to refinance a loan with a high loan-to-value ratio, it can be done. Here is your how-to guide on refinancing a loan with a high loan-to-value ratio.
He has taken a home loan of Rs 15 lakh, for which he is paying an EMI of Rs 24,500. and increase the amount with the rise.
The most common high loan-to-value refinance program is the HARP Refinance program. If you have a FHA loan and have a high loan-to-value ratio, you may be eligible for a FHA streamline loan. You can shop for FHA streamline loans on Zillow.
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The fannie mae high ltv Refinance Option (HLRO) is worth a look for underwater homeowners that would like to take advantage of today’s low rates, but don’t have enough equity to qualify for a traditional mortgage.
Conventional mortgage lenders often provide better loan terms to borrowers who have loan-to-value ratios no higher than 80%. LTV ratio is calculated by dividing the amount borrowed by the appraised.
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A high LTV ratio can prevent a homeowner for qualifying for a refinance loan. Unless you can qualify for a special program (like HARP or the fha streamline refinance program), you’ll likely need to work on building equity in your home .