I got a call from a long time REALPRO user today. Phil Chenier with New American Funding was doing a Conventional Refinance with a small Interest Only Heloc. This refi was being offered as a way to payoff an FHA outstanding loan and eliminate MIP and MMI with an 80% new 1st TD and a 9.9% HELOC 2nd TD. The maximum allowable LTV for this loan is 89.9%.
The Estimated Value is $321,000, the outstanding lien is $288,800. 80% LTV is $256,800 1st TD, 9.9% LTV HELOC 2nd is $31,779. The closing costs and difference in the loan amount and the outstanding loan will be paid in part by the lender and by the borrower. DO NOT USE THE LENDER ASSIST OPTION.
Your closing costs WILL be different than mine – use your numbers, do not copy mine since each company will be different.
Printout: Conventional Refi with HELOC