Close

See current mortgage rates on Zillow Mortgage Marketplace

Profile picture for JDIrvine

Are banks willing to give HELOCs on unwarrantable condos?

We have an unwarrantable condo (cannot be backed by Fannie Mae/Freddie Mac).  Therefore no bank will do a refi for us.  We have an FHA first, but since we also have a HELOC we cannot do an FHA streamline.

We do have enough cash to pay off the HELOC and then we could do an FHA streamline.  However, that would wipe out any savings we have so we would like to have a small HELOC available for emergencies.  Figured we could do the streamline then get a HELOC.   This would reduce our monthly payments quite a bit.

We currently owe $79K on the first (value of property $325K) and $69K on the HELOC.

Any information is greatly appreciated!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 01 2013 - Irvine
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (1)

Hi JD,

We have programs for unwarrantable condos.  Is your main goal to refinance the 1st and HELOC to reduce monthly?

Feel free to contact me via my profile if you have any questions.

Best,

Bryan
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 01 2013
 
Related Questions
Are banks willing to give HELOCs on unwarrantable condos?
Profile picture for Bryan Mecsey
Latest answer by Bryan Mecsey
October 01 2013 | 1 answers
Refinance First while keeping HELOC
Profile picture for Justin Sheftell
Latest answer by Justin Sheftell
June 08 2012 | 2 answers
Can I get HELOC up to 80 LTV on investment home? Thx. Mike S
Profile picture for Pete Cannon
Latest answer by Pete Cannon
March 07 2012 | 2 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 6121 Sierra Bravo Rd, Irvine, CA Home For Sale
    6121 Sierra Bravo Rd, Irvine, CA 92603

     For Sale: $1,325,000

    • Beds: 4
    • Sqft: 2150
    • Baths: 4.0
    • Lot: 6534
  2. 25452 Mina Ct, Lake Forest, CA Home For Sale
    25452 Mina Ct, Lake Forest, CA 92630

     For Sale: $695,000

    • Beds: 4
    • Sqft: 2360
    • Baths: 3.0
    • Lot: 4791
  3. 81 Lemon Grv # 275, Irvine, CA Home For Sale
    81 Lemon Grv # 275, Irvine, CA 92618

     For Sale: $319,000

    • Beds: 2
    • Sqft: 700
    • Baths: 2.0
    • Lot: --