Real Estate Home Mortgages/Refi



I currently have a jumbo loan that is not backed by either Freddie or Fannie.  As such I am not eligible to use HARP (no idea why the home isn't under Freddie or Fannie as my understanding is typically jumbo loans tend to fall under one or the other and current loan is $620k).  In any case, I am trying to refinance out of an interest only loan that is currently fixed but will evolve into a variable rate in the next 3 years.  The problem is my credit score sits just below the "magic" number of 740.  I'm at around 730 or thereabouts.  We have no credit card debt at all.  One car payment yet because of the "magic" threshold we are having a difficult time finding a way to refi that isn't going to actually increase our monthly by as much as $400-450.  We are currently sitting at $4100 and pay no PMI.  If you have any ideas I'd be very appreciative.

THank you!

ANSWER: I'm a national lender and my jumbo credit score requirement is 720; I would be happy to help. My Max LTV is 80%. What is the value and amount owing? P.S. Most jumbos are not covered by HARP.

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I actually went back to another gent whom I had previously spoken with re refi. His LTV was 90% and he said my midrange score was 670. Another lender said just under 720. The guy who told me it was 670 said problem for him was not debt (as said save a car one payment we really have no other revolving debt) per se but prior lates and that ironically because there was no debt to really pay down it was hard to impact the score very quickly. In answer to your question amount owed is $620 and I haven't had the home formally appraised in a while but based on conversations with realtors that I know a guesstimate would be in the low mid 700's or just below that?

ANSWER: I can do a jumbo refi up to 90%. Please send details if you would like help. Thank you, - Al

---------- FOLLOW-UP ----------

QUESTION: Al, sorry I'm confused. Are you saying that you can do a refi with a credit score of 670-700 on a loan currently at $620k?  I'm guessing an appraised value of $720-750k but that is a guess. Just trying to understand your latest message

We can do Jumbo loan refinances with following parameters:

5/1 and 7/1 ARM: 700 score to 90% (to $1,000,000)
Fixed Rate: 720 score to 80% (20 $1,000,000)

Any mortgage lates would need to be addressed and may cause
a problem in closing the loan. Underwriting will have to review
the file.

Hope this helps.


***not sure "why" my answers keep getting "dropped" from
this conversation log.***(this is the 3rd time this has happened)

= Al
About Real Estate Home Mortgages
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here

Real Estate Home Mortgages

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Al Rodenburg


Regional Manager, Recruiter and Certified Risk Management Consultant. see: Identity Theft Solutions and Life Events Plans.


As a person who has worked with individuals who have experienced identity theft and major life events, I am pleased to be part of Harvard Risk Management Corporation.

CMPS Institute; Houston Northwest Chamber of Commerce - Committee Chair; WCR - Womens Council of Realtors; HAR - Houston Association of Realtors; Houston Northwest Business Networking Group (founder); The Woodlands Area Chamber of Commerce

Certified Mortgage Planning Specialist (CMPS Institute) ; University of Illinois - at Chicago; Florida State University; Principia College; Lake Forest School of Management; Roosevelt University; Salt Lake CC

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