{"id":7325,"date":"2009-03-04T20:43:19","date_gmt":"2009-03-05T03:43:19","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=7325"},"modified":"2009-03-09T09:46:35","modified_gmt":"2009-03-09T16:46:35","slug":"the-new-105-refi-plan-what-i-know-and-what-i-dont","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/7325\/the-new-105-refi-plan-what-i-know-and-what-i-dont\/","title":{"rendered":"The New 105% Refi Plan &#8211; What I know and What I don&#8217;t&#8230;.."},"content":{"rendered":"<p>Okay, here&#8217;s the latest on what I know and what I don&#8217;t on the 105% refi plan.\u00a0 I&#8217;m going to attempt to summarize a 10 page document, so I&#8217;m only going to hit the &#8220;highlights&#8221; of it:<\/p>\n<p>The things that I know about the plan:<\/p>\n<ul>\n<li>The loan to value is indeed max&#8217;d out at 105% but with a second mortgage, it can go higher than that (frankly unlimited) if the second mortgage holder will agree to it and if the second mortgage was already in place.\u00a0\u00a0 You can&#8217;t put a new second mortgage in place right now.<\/li>\n<li>There are three &#8220;levels&#8221; of potential appraisals:\u00a0 What Freddie Mac calls the &#8220;Home Value Explorer.&#8221;\u00a0 or a new appraisal or the existing appraisal.\u00a0\u00a0 There&#8217;s some verbiage in the Freddie Mac docs about certifications that the lender has to make about the existing appraisal, so I don&#8217;t know what that involves yet.<\/li>\n<li>The borrower&#8217;s mortgage payment history can have no 30 day late payments in the last 12 months.<\/li>\n<li>The only loan that can be paid off is the existing first mortgage plus up to $2500 toward closing costs and escrows.<\/li>\n<li><span style=\"text-decoration: line-through;\">The new mortgage has to be done with the same servicer as the existing mortgage.\u00a0 So, unfortunately for borrowers, you can&#8217;t shop around on this type of loan. <\/span>Update on 3\/9\/2009 &#8211; per my conversation with Rhonda Porter, it appears that Freddie is saying they have to use the same servicer, but if the loan is currently owned by Fannie, then they can use anyone who sells to Fannie.\u00a0\u00a0 I was just on a conference call (internal) that said we expect to have more details from Fannie by week&#8217;s end.<\/li>\n<li>There are some &#8220;kind of&#8221; confusing guidelines about mortgage insurance and my initial read of it says that there might be some questions on mortgage insurance.\u00a0 If there was mortgage insurance, it sounds like there would need to be mortgage insurance again, but we don&#8217;t know that the mortgage insurance companies will &#8220;reissue&#8221; the insurance.<\/li>\n<li>Primary residence loans that were sold to Fannie Mae or Freddie Mac are eligible.\u00a0\u00a0 There are other restrictions too.<\/li>\n<\/ul>\n<p>The things that I don&#8217;t know (about the plan):<\/p>\n<ul>\n<li>The <a href=\"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/7325\/the-new-105-refi-plan-what-i-know-and-what-i-dont\/#more-7325\" class=\"more-link\">Read more<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Okay, here&#8217;s the latest on what I know and what I don&#8217;t on the 105% refi plan.\u00a0 I&#8217;m going to attempt to summarize a 10 page document, so I&#8217;m only going to hit the &#8220;highlights&#8221; of it: The things that I know about the plan: The loan to value is indeed max&#8217;d out at 105% [&hellip;]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26],"tags":[299],"class_list":{"0":"post-7325","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-lending","7":"tag-105-refi","9":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":362,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/362\/zillownews-round-up\/","url_meta":{"origin":7325,"position":0},"title":"ZillowNews round-up . . .","author":"Greg Swann","date":"September 21, 2006","format":false,"excerpt":"Under the Zillow: The Tax-man cometh... My two favorite bits, in two days of coverage: Lenderama doesn't need accuracy, he needs a Zillow-based tickler to stay in front of his clients.MyZillow allows you to make \"estimates\" of what a property is worth. The estimate takes Zillow's data and adjusts for\u2026","rel":"","context":"In &quot;Blogging&quot;","block_context":{"text":"Blogging","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/blogging\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7557,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/7557\/a-few-thoughts-about-mortgages\/","url_meta":{"origin":7325,"position":1},"title":"A Few Thoughts About Mortgages&#8230;..","author":"Tom Vanderwell","date":"March 21, 2009","format":false,"excerpt":"Since I already sent an update out earlier in the week outlining what the Fed did and how it can\/will impact the economy and the mortgage markets, I\u2019m going to focus on a couple of other topics this time. First I\u2019m going to talk about the four most important things\u2026","rel":"","context":"In &quot;Group Therapy&quot;","block_context":{"text":"Group Therapy","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/group-therapy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7965,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/7965\/mortgage-market-week-in-review-15\/","url_meta":{"origin":7325,"position":2},"title":"Mortgage Market Week in Review&#8230;.","author":"Tom Vanderwell","date":"April 18, 2009","format":false,"excerpt":"Well it's hard to believe, but another week has flown by.\u00a0\u00a0 Rather than spending a Saturday working on mortgage stuff and writing about mortgage stuff, I spent the day taking my 8 year old to a birthday party, cleaning out the garage and getting the pool ready for the season.\u00a0\u2026","rel":"","context":"In &quot;Group Therapy&quot;","block_context":{"text":"Group Therapy","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/group-therapy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":8458,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/8458\/the-139250-appraisal-fee-or-how-the-home-valuation-code-of-conduct-rewards-inefficiency-at-the-expense-of-the-consumer\/","url_meta":{"origin":7325,"position":3},"title":"The $1392.50 Appraisal Fee or How the Home Valuation Code of Conduct Rewards Inefficiency At the Expense of the Consumer","author":"Brian Brady","date":"May 15, 2009","format":false,"excerpt":"Have you heard of the Home Valuation Code of Conduct?\u00a0 New York Attorney General Cuomo forced Fannie Mae and Freddie Mac to adopt the measure, in what can only be described as a Machiavellian scheme.\u00a0 Essentially, mortgage brokers are forbidden from direct contact with residential appraisers; all appraisals for agency\u2026","rel":"","context":"In &quot;Lending&quot;","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6448,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/6448\/if-selling-is-not-a-viable-option-you-need-to-fall-in-love-with-your-house-all-over-again\/","url_meta":{"origin":7325,"position":4},"title":"If selling is not a viable option, you need to fall in love with your house all over again","author":"Greg Swann","date":"January 3, 2009","format":false,"excerpt":"This is my column for this week from the Arizona Republic (permanent link). \u00a0If selling is not a viable option, you need to fall in love with your house all over again The foreclosure market dominates the news, but it remains that good old-fashioned American homeowners occupy the overwhelming majority\u2026","rel":"","context":"In &quot;Marketing&quot;","block_context":{"text":"Marketing","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/marketing\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1141,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1141\/countrywide-lendingtree-bear-stearns\/","url_meta":{"origin":7325,"position":5},"title":"Countrywide, LendingTree and Bear Stearns Mortgage","author":"Doug Quance","date":"March 13, 2007","format":false,"excerpt":"The lending roller coaster is just starting to roll Most real estate professionals have to deal with an occasional unexpected consequence involving lenders... but not a string of them like this revelation. A client of mine decided to be a generous friend. He's not a wealthy man in the strictest\u2026","rel":"","context":"In &quot;Real Estate&quot;","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/7325","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=7325"}],"version-history":[{"count":3,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/7325\/revisions"}],"predecessor-version":[{"id":7409,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/7325\/revisions\/7409"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=7325"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=7325"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=7325"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}