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How do I refinance my first and second mortgage into one without equity?

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May 30 2009 - US
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Answers (3)

With FHA, if it is classified as a 'cashout' refi, you will be limited to 85% loan-to-value on the refinance. If it is classified as a 'rate/term' refi' you can refinance up to 97.75% but no more than the limit for your county. Otherwise, you can refinance the first mortgage either convetional or FHA, but have the second mortgage subordinated to the new first mortgage.
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Profile picture for Naoma Doriguzzi
Unfortunately, without equity it will be very difficult to refinance the 2 mortgages. 
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Profile picture for daveskow
possibly with a FHA  loan ...but this would require at least 5% equity ( plus you would have mortgage ins to pay PLUs lots of fees/ expenses )

other than that possiblity ...I see no other option...
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