Close

See current mortgage rates on Zillow Mortgage Marketplace

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!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 20 2010 - Southeast Growth Area
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

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%.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 23 2010
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
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 22 2010
Go to where you do your personal/business bankin and explaine the issue. If you don't have an appraisal get one.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 21 2010
Check out http://makinghomeaffordable.gov/.  You may qualify for a HARP refinance.  Good luck.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 21 2010
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.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 21 2010
 
Related Questions
I would like to refinance my house, my balance is $248000.00 and the value of the house is $230000
Profile picture for Don Groff
Latest answer by Don Groff
March 23 2010 | 5 answers
  • Asked by michoacana
  • In Refinance
  • March 20 2010
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 2151 N Highland Ave, Fresno, CA Home For Sale
    2151 N Highland Ave, Fresno, CA 93737

     For Sale: $1,199,999

    • Beds: 0
    • Sqft: 1920
    • Baths: --
    • Lot: 397267
  2. 7453 E Redlands Ave, Fresno, CA Home For Sale
    7453 E Redlands Ave, Fresno, CA 93737

     For Sale: $240,000

    • Beds: 3
    • Sqft: 1516
    • Baths: 2.0
    • Lot: 5998
  3. 7367 E Bremer Ave, Fresno, CA Home For Sale
    7367 E Bremer Ave, Fresno, CA 93737

     For Sale: $795,000

    • Beds: 4
    • Sqft: 4034
    • Baths: 3.5
    • Lot: 87556