Help with refinance of non-fannie/freddie, non-owner occupied home

[jalep]

Thanks in advance for any advice I can get.

I am active duty military and I bought a home in California in 2007. THe home is currently worth about 12-13% less than the mortgage. I was stationed to a new location in 2010 (the home was my principal residence from 2007-2010). The mortgage is owned by Citibank and is not Fannie/Freddie backed. I am current on the mortgage, have a great credit score and some money in the bank. The home has a renter, but I am paying a significant amount more for the mortgage than what I can get in rent. I've tried to contact the bank in the past (probably about 10 months ago or so - I've been deployed since) in attempts at principal reduction or refinance. They've told me that I need to have an LTV of 75% or so now that the home is non-owner occupied in order to refi (I don't have the $ for that).

Does anyone have any advice for possible principal reduction or refinance options for someone in my situation with a non-owner occupied property, non-fannie/freddie backed loan (which was purchased originally as an owner occupied home)?

Thanks!

[Erik Sandstrom]

I can think of a couple options but they may require you buying the LTV down to either 100% or less. If you're willing to do that....shoot me an email and we can go over them.

VA financing would be ideal...FHA only allows owner occupied and requires you to move in at least in 60 days but that would be another route. Interest rates right now are very competitive. I'm a california licensed loan officer with WJ Bradley Mortgage Capital.