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Can I refinace my home if I owe more than it is worth?

I am currently on a an ajustable loan and want to refinace to a fixed loan with my new husband.  We have very good credit.
  • December 18 2008 - Cotati
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Answers (7)

No you cannot. 
Please calculate your LTV. I stand corrected unless someone here guides us to a bank that will lend to high LTV's.
Have you considered having it rented and buy another? 
  • December 20 2008
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Credit should always be placed secondary. Question is would 36-38% of your combined gross monthly income be sufficient to accomodate a mortgage payment.There should be no problem finding a loan program provided you don't place yourself in a situation that plagues more than 3 million homeowners right now.
  • December 20 2008
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If you have an FHA loan you can do a FHA streamline refinance without using an appraisal.
Home value, income, assets are not used.  Only payment history is considered.  However, closing costs are not rolled into the loan.  You will have to come to settlement with those unless the lender helps pay for them by giving you a lender credit: increasing the interest rate offered.
  • December 18 2008
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Robbin, a mortgage broker from Zillow is also more than qualified to help.
  • December 18 2008
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Stacy,
I would set up an appointment with my local Banker and discuss this matter!!!
  • December 18 2008
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Staci, what is your loan amount, and what is the value of the house?  Is there just a first or a first and 2nd?  Please provide a little more info.

  • December 18 2008
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is it an FHA or VA loan?
  • December 18 2008
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