I have a duplex in Washington state and am trying to do a refi after 3 yrs of a 5yr Option ARM (pre-pay term is up). Loan is not held by Fannie or Freddie so no HARP. I have been told that I need 75% LTV which I don’t have due to paying the neg-am schedule. If I could come up with the LTV, I could get a 7/1 ARM at around 4.875%. This is through a correspondent lender.
Any thoughts on lenders who would allow higher than 75% LTV for somewhere in the 5% rate ballpark? Will any big banks do this directly? Local banks?