Profile picture for michoacana

I would like to refinance my house, my balance is $248000.00 and the value of the house is $230000

my credit is good, Im pretty sure my score is close to 700, would I be able to refinace? I know the value is low!
  • March 20 2010 - Southeast Growth Area
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Answers (5)

Talk to your lender.  As was stated below you may qualify for the HARP program that allows for higher LTV's than 100%.
  • March 23 2010
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You may qualify for a short pay refinance. This will be a new FHA loan at todays current value
1. Current lender must agree to short the loan
2. Qualify on all aspects to receive FHA approval
Thank You
Art
  • March 22 2010
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Go to where you do your personal/business bankin and explaine the issue. If you don't have an appraisal get one.
  • March 21 2010
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Check out http://makinghomeaffordable.gov/.  You may qualify for a HARP refinance.  Good luck.
  • March 21 2010
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Michoacana,

These are your options:

Check with your current servicing company (the company you send the payment) to see if you have a Fannie Mae or Freddie Mac loan and if so, if they offer the 125% refi program.

If you have a current VA or FHA loan, you can try for a streamline refinance with no appraisal but you might need to come in with some money with the new rule changes.  Your loan amount cannot be greater than your current balance.

A long shot is called a short pay refinance with the use of an FHA loan.  The new loan is based on 97.15% of your current value.  The hurdle is the investor who currently owns your loan must agree to either forgive the difference or take the balance in 2nd position.  This is a question that your current lender might know the answer.

Hope this helps.
  • March 21 2010
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