- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Answers (5)
- Thomas Hall, "Tennessee Loans"
- Contributions:381
Do you have a copy of your closing statement from when you purchased the home. I have a hard time believing this is a RD loan especially given you have MI and you state that freddie mac owns your loan.
There is no way to convert an RD loan to FHA.
RD does have a streamline Refi program but the last I heard they ran out of funds already.
If your loan is owned by Freddie and has MI then you may be eligible or the HARP refinance (with your existing servicer) but it is capped at 125% LTV and it sounds like you may be at an even higher LTV.
There is no way to convert an RD loan to FHA.
RD does have a streamline Refi program but the last I heard they ran out of funds already.
If your loan is owned by Freddie and has MI then you may be eligible or the HARP refinance (with your existing servicer) but it is capped at 125% LTV and it sounds like you may be at an even higher LTV.
- Rich, "LordRudykins"
- Contributions:3
Thank you for your advice, gentlemen.
Michael, can you give me a little bit more info about doing a rate/term refinance with RD loans? The person I spoke to previously seemed to suggest that this was not a possibility.
Michael, can you give me a little bit more info about doing a rate/term refinance with RD loans? The person I spoke to previously seemed to suggest that this was not a possibility.
- Michael Marsman, "michaelmarsman"
- Contributions:51
I don't think you have a RD loan or there would be no mention of United Guaranty. RD does not charge PMI and they have not in the past as far as I know. If you do have RD currently, you can do a rate/term refinance with out doing an appraisal.
You can not do a streamline FHA refinance, unless you have FHA currently. So if it is not FHA, you could refinance to FHA, but an appraisal would be required. FHA would be your best bet to being able to refinance as they will take a greater % of your value for your new maximum mortgage amount. If you know you are underwater FHA will not work. I don't think you will be able to refinance at this time.
You should contact your servicer and see if they can help with your current situation. Other then that, you may want to look at renting out your current home until values rebound and finding housing closer to your fiancees job. Good Luck.
You can not do a streamline FHA refinance, unless you have FHA currently. So if it is not FHA, you could refinance to FHA, but an appraisal would be required. FHA would be your best bet to being able to refinance as they will take a greater % of your value for your new maximum mortgage amount. If you know you are underwater FHA will not work. I don't think you will be able to refinance at this time.
You should contact your servicer and see if they can help with your current situation. Other then that, you may want to look at renting out your current home until values rebound and finding housing closer to your fiancees job. Good Luck.
- Mark Nehs, Wisconsin, "WI Mortgage Lender"
- Contributions:250
1. RD loans have changed over the years but yes it is possible.
2. I have never heard of this??
3. Sticking with what you have is many times the best (and sometimes the only option) with being underwater your options will be limited.
4. United Guaranty is a mortgage insurance company and this would make sense with question #1
5. Not sure RD refi funds are available again but I only keep current on the Wisconsin changes
Sorry, I was not much help on most of these questions.
2. I have never heard of this??
3. Sticking with what you have is many times the best (and sometimes the only option) with being underwater your options will be limited.
4. United Guaranty is a mortgage insurance company and this would make sense with question #1
5. Not sure RD refi funds are available again but I only keep current on the Wisconsin changes
Sorry, I was not much help on most of these questions.
- Rich, "LordRudykins"
- Contributions:3
5. Is there a streamlined refinance program for RD loans?
Also note, we live in New Hampshire, she works in Massachusetts. If we could cut our costs, we could possibly afford a room for her to flop a few days a week instead of make the ridiculous drive, at least until we can sell.
Also note, we live in New Hampshire, she works in Massachusetts. If we could cut our costs, we could possibly afford a room for her to flop a few days a week instead of make the ridiculous drive, at least until we can sell.
Do I have a rural development loan?
I'll get right down to it:
My fiance and I own a condo. Many units in our complex are for sale for about half of what we paid. We owe approximately $100k on our unit, and while we both have good credit and reasonably low DTI ratio, we are finding it harder and harder to afford our mortgage, due to the fact that my fiance has to drive 150miles a day to her job. Recently, I inquired with our mortgage company about this. The gentleman I spoke to was quite nice, though the 2nd time I spoke with him, I got the feeling that he wasn't truly interested in helping us refinance because he wasn't very forthcoming with information on options that we have, and resolutely pointed me toward staying with our current loan. He works for the same company that services our original loan.
Anyway, he stated that we have a rural development loan. This is odd to me because we pay PMI, and it is my understanding that there is no MI with RD loans.
He also stated that it may be possible to convert the RD loan into an FHA loan to take advantage of an FHA streamlined refinance. We are definitely interested in a streamlined refi because we are underwater and we're hoping to get a no-appraisal refi.
My questions are:
1. Do we really have a RD loan even though we're paying PMI? We definitely did a 100% loan originally, including the closing costs.
2. If we have an RD loan, is it possible to convert it to an FHA loan to try and take advantage of streamlined refinancing?
3. Do any of you have any advice on what we can do?
4. What do you know about United Guaranty? The refinance guy vaguely mentioned them as having something to do with our original loan, though I know my loan is listed as being a Freddie Mac loan.
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.