At RP Funding we go up to a 105% loan-to-value. We are pretty conservative when it comes to the upside down loans and that is under the HARP program. There are a good amount of other lenders that will go up to 125% LTV, but once you get over 125% the lenders really thin out. If the loan is not a Fannie May or Freddie Mac loan then it is not eligible for the HARP program. Another option would be to go to a FHA loan at 97.75% LTV. With the LTV is that high you are required to add mortgage insurance which is then going to almost equal what would be potential savings. Even on a conventional loan over 90% you have to have mortgage insurance. If you borrow say 90% you're going to pay the interest rate to the bank of around 3.75% and on top of that you will be paying MI at another .7% to .8%. After you add the two together you are at a 4.7% to 4.8%. You will not be saving as much as you originally figured. That is the tough part. If you can get enough money together to put towards the loan to get it at an 80% LTV then you would not be required to have MI and you would be able to take full advantage of the savings of refinancing and it would probably be worth it. At a 90% LTV you have to have MI and taking into account third party closing cost, it is probably not going to be beneficial to refinance.