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1st and a 2nd mortgage with combined LTV at 97%.

Decent credit scores low to mid 700s and upper 600. 1st mtg at 6.5%and 2nd is about 7%. Looking at staying in house another 3-5 years. Not a veteran. Current isn't Fannie or Freddie. Last appraisal was almost a year ago with value coming in at 318k. Balance is 306 k. Looking to lower monthly payment and still pay down principal. Is there a solution?
  • August 24 2013 - US
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Answers (2)

You didn't mention your household income.  We suggest that you speak to a loan officer at two local banks which make FHA and conventional loans.  That is the way to determine if you can qualify for a refinance. 
  • August 24 2013
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Yes, you do have a solution!  Have you considered a Fannie Mae Conventional 97% program?  The Conventional 97 program is not a new program. However, it's a less expensive option as compared to the FHA.

If you're buying a home and plan to make a low downpayment; or refinancing one and have little home equity, look to the Conventional 97 program. It's fast, it's cheap, and the rates are great.

Hope this helps!
  • August 24 2013
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