moeronn

I having been thinking of refinancing my current home (condo) since ever since rates dropped earlier this year. Unfortunately, due to market conditions, my combined loan to value (CLTV) is now around 90%. This is with a first mortgage and a HELOC.

Now, I know that the HELOC is used when calculating CLTV, but I'm not completely sure if it factored in when computing if I need PMI if I refinance only the first. Originally, the bank I have the HELOC with would not subbordinate to any new loans, but they have since changed their tune. So, if the HELOC isn't factored in, I should be able to reduce my rate without having to worry about PMI. Anyone know for sure if the HELOC is factored in?

I have also just started looking into the new federal Making Home Affordable - Loan Programs. Don't know all the details at this point, but I may qualify for the refinance option to reduce the rate on the first mortgage. Only issue is the property is a condo in a multi-unit building. I currently have a fantastic rate (2.99%) on the HELOC, so consolidating isn't really a priority. Does anyone know much about these programs? Any specific things to look/watch out for?

FWIW, I am current on my payments, have sufficient salary, am not in danger of defaulting, etc. I am just trying to lower my payments.

Fibonacci

Moe, you may want to send a PM to

Do you have your HELOC with the same FI as your first mortgage?

There are programs thru Fannie which can help folks refi up to 105% if I'm not mistaken.

moeronn

If he doesn't drop by in the next couple of days I'll PM him.

The HELOC is through another FI.

The program I am looking at is through Fannie and does let you refi up to 105%, but they will only refinance the first mortgage. They will not consolidate. At least this is what the schleps at BofA told me.