Refinance question

[Account Closed]

Long story short I don't qualify for a 30 yr fix product through Fannie or Freddie. So my only choice is a portfolio loan at 4.65 fixed for 7 years fixed 30 year loan P&I included but with closing costs of $10,000. YEP ABSOLUTELY RIDICULOUS. 70% loan to value. Obviously this includes property taxes insurance etc.. but yeah a train wreck.  

Or I can take a deal I have with a private bank I use its a Home Equity line of credit MAX LTV 60% instead of the 70% above and I only have to pay $1500 total in closing costs. Rate is 5% and tied to prime. So if rates go up this dramatically increases.

The loan would be $350,000

Like to hear people's thoughts..

[Chris Mason]

Why can't you do fannie/freddie? 

I only ask because I've put more than one deal together fannie/freddie that someone else claimed "couldn't" go fannie/freddie. 

[Chris Mason]

@Account Closed

[Account Closed]

over the limit for cash out refi. I have tried with three different brokers and two banks these are only options.

[Chris Mason]

Why can't you go to 70% LTV fannie/freddie?

[Chris Mason]

Sorry I'm horrible at tagging in my posts @Account Closed

[Account Closed]

Originally posted by @Chris Mason:

Why can't you go to 70% LTV fannie/freddie?

 I just can't but again just trying to get an answer to my question..

[Chris Mason]

Fannie Mae updated their LTV matrix just 3 days ago @Account ClosedWhat are the odds that someone was actually looking at that 3 day old document, and not the one they happened to have printed on their desk six months ago?

I assume that any deal can be made fannie/freddie by default, until I feel that I've been proven otherwise. If you want to go with the portfolio, you are free to ignore my posts at any time. :) 

[Bryan O.]

Find a different bank for your commercial loan. You shouldn't need to put that much money to close. I didn't on mine. Find a competitor and go with their product.

It sounds like you may not understand Fannie/Freddie well either. It may be worth that $10k you're looking to part with to instead spend a few days digging and learning the rules so you know for sure.

[Account Closed]

Chris & Brian,

Appreciate the responses I actually understand Fannie/Freddie almost to well... Been doing this a long time.. We own to many homes with loans that's why Fannie and Freddie won't touch us..