I purchased my home in April, 2008 at the price of $255,000, the loan was with Countrywide at that time with 10% down at the rate of 6% 30yr fixed(incl. PMI)

Now the existing loan amount $223,000, I checked with several lenders or brokers, it seems nobody could get it done.

Can anyone help?

thanks!

Dear Sherry,

I am assuming your loan value is low because when you purchased it needed PMI? If the loan is owned by Fannie or Freddie, which I am assuming it is they have a REFI Plus program or LP Relief program. (Fannie/Freddie is the later) Some lenders can go as high as 95% and some as high as 100%. I don't know of any lender beyound 100% Loan to value. You may have to wait until the government changes the guidelines for you to fit. I wouldn't hold your breath....however... I know it may not be the answers you wanted but its straight!

Ron Giannamore

www.ToMortgageServices.com

Thank you Ron,

So basically there's no way for me to get Refi till Government changes the guideline. I just hate to see the rate so low and can't do anything about it.

Remeber, its not the GOVT lending the money. So you have to find a bank that has NO overlays, to sell it to FANNIE/FREDDIE. ITS THE BANK that is requiring the appsl. you have a LTV issue.

If this is true, then the best thing to do now is to look out for any Freddie/Fannie updates.