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95% LTV Refinance Question

I have three products with Wells Fargo, but they will not consolidate or refinance due to the high LTV.   I have a primary mortgage of $356,000, a fixed equity loan of $95,000, and an equity line of credit for $20,000.   Total = $470,000.   My current home value is $495,000 (low estimate).  

Are there any products to refinance all the loans into one 15 year fixed for a competitive interest rate?
  • March 24 2012 - Toms River
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Answers (3)

If the LOC makes the combination to be a cash out loan capped at 85%  then hold that lien out, combine the first and second, re-subordinate the LOC.
  • March 25 2012
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I agree with Justin.  FHA is a great option!  Ocean County will allow fha loan amounts up to $729,750, so you have an eligible loan amount.  You can refinace up to 97.75% of the appraised value with one exception.  If you have drawn on the heloc in the past 12 months, FHA may consider it a cash-out transaction and limit you to 85% of the value of the home.  It depends on the amount.  Feel free to reach out to me to discuss.  Best of luck!
  • March 25 2012
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Yes, FHA loan should work splendidly for that situation, provided your county limit allows for the loan amount needed.

There will be a small mortgage insurance to pay per month, that will drop off eventually, and if you are able to get your case number before April 9th, that amount will be less (due to a pending increase).
  • March 24 2012
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