Profile picture for chancesr1n2

Is it possible to refinance 100% LTV

I bought a house during the height of the housing boom in 2007 just in time to see the house value drop.  I have been trying to refinance my house with little success.  For the past 6 months I have been overpaying by $200/month trying to reduce the loan amount.  For a $325k mortgage this is chump change I know.  We have also done a lot of improvements which fortunately has kept the appraised value on par with the purchase price.  May or may not be an issue, I am a federal employee who has been deployed to Germany.  So I am renting out my house.  Here are the stats,
Credit Score 720+
Mortgage Value $324~
Interest Rate I/O 6.75%
Approx. Home value: $320K
Not VA, Freddie, Fannie mortgage
Have never missed a payment or been late on a payment.

Any suggestions or recommendations will be greatly appreciated.
Thanks.
  • April 19 2010 - US
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (3)

Profile picture for tonygim
This is now a non owner occupied loan.  If your existing loan is a VA you "might" be able to do an interest rate reduction refi with the VA.  If not, you are out of luck. 

If you are a Veteran, there might be a possibility but I do not think you can get a non owner occupied VA loan at 100% loan to value.

Your options are to sell and pay the closing cost to clear the loan or wait to see if your home drops further in value.
  • April 19 2010
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Have you tried contacting your current servicer?
  • April 19 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for DaveAndersson
If you qualify for a VA loan, there are lenders who will refinance you to 100% of the home's value. FHA will go to 97.75% and you would have to bring the difference to closing along with the closing costs.
  • April 19 2010
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.