Profile picture for pcjzz713

Is it possible to find financing to combine mortage and HELO into a single mortgage at < 85 LTV?

  • July 27 2010 - Brush Prairie
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Answers (4)

For a Heloc, two clauses in the FHA guidelines will allow you to combine it and it still will be considered a rate/term refinance and not a cash out.  First option, you would have had to use it to purchase the home.  Second, you must not have drawn on it in the last 12 months (no matter what you took it out for originally).  This will allow you to get a better rate, FHA does allow 85% cash out so you can do it no problem with an FHA loan, just a matter if it will be a cash out or rate/term.
  • July 28 2010
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Profile picture for daveskow
yes ...and you can even avoid mortgage insurance too with a few programs out there
  • July 28 2010
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Profile picture for OelrichTeam

Yes, with an FHA loan you can combine both existing loans.

  • July 27 2010
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It is possible, but would depend on a few different factors.  Did you use the HELOC to purchase the property or did you get the loan after you already owned the home?
  • July 27 2010
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