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I am refinancing and I am eligible for conv, fha, or va loans. need to cash out, which is best?

I have one VA loan in the past so I will either have to pay 5% down to get a lower rate or pay 3.3% funding vs 1.75%.  I need some solid advice and some numbers.  I always feel like I am stuck with whatever lenders try to pull on me.

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November 16 2009 - Des Moines
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Answers (5)

There are a few option still available where you can get to anywhere from 85%-95% loan vs. value.  I would sit down with a mortgage broker that has access to variable lenders/programs and map out which makes the most financial sense.
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November 17 2009
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I think my house is worth $165,000-$180,000 in the current market.  I currently owe around $127,000 but need to get out what I can as I have to pay my ex-husband $20,000 of the equity.  At $165,000, the remainder of my equity will be swallowed by closing costs and fees I imagine and I won't be able to refi 100% anyhow.
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November 17 2009
I agree with Sir Tyler Osby on this one.  You really need to have a conversation with someone so that all of the data is laid out on the table in order to compare expenses and possible pitfalls in each loan product option available.  You are asking about 3 different loan products that have completely different structures and processes, and then on top of that each and every lender that offers these products has their own requirements and guidelines on top of that - so I quick email response simply will not do you any justice, unfortunately.  Good luck in you quest!
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November 17 2009
Based on what I know so far, you may be able to qualify for a VA streamline refinance (if you currently have a VA loan).

Because there are a number of questions that may impact a loan originator's advice, my recommendation is to contact someone you can trust directly.   If they ask enough questions, you should be able to make a really educated decision.

Hope that helps! 
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November 16 2009
How much is your property worth and how much are you looking to borrow on your new loan amount?   That information will help in determining your best approach.
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November 16 2009
 
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