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Can we refiannce?

Hi all, trying to find out what our options are.

-Our house is worth roughly $175K, we paid $195K for it.  We're in Texas

-First on the house is $156K, not HARP qualified

-Second is $20K.  They are open to subordination with no pulling of additional funds


Is there a path to refinance for us?  We're open to any and all ideas, but no matter how we slice it we can't seem to find a way to make it work.

  • March 27 2012 - Austin
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Answers (3)

Profile picture for Appraisal guy
First step, you could order what is called a Desktop appraisal ($200 or less). This will give you a good idea of home value if your home is average. Next, go talk to banks with "what If" statements. If the value is ??, can we do this? The home value will determine the interest rates. Some banks will finance most anything (still) and some banks  are very conservative and will not finance anything that is not "cake walk easy."
  • March 28 2012
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Sadly.... You will have to pony up for an appraisal before you get a solid answer.
Pete is right.... FHA is an option..... But if that 2nd lien is NOT a purchase money lien and it is an equity loan/lien.... then FHA is not an option.

Tell us more?
  • March 27 2012
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When was your loan originated?. Who is the lender?  FHA lends up to 97.75 of appraised value.
  • March 27 2012
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