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Answers (5)
- jnjbecker
- Contributions:2
My loan is a conventional 30yr from USbank and non-FHA, non-Freddie and non-Fannie. I've read the FHA letter and understand that USbank needs to reduce the balance but the Modification department says they don't deal with anything that isn't a modification and the refi departments says the president has not authorized them to use the Short refi-program......does anyone no how to reach someone who can make a real decision at USbank?
- Robert Benham, "FHA down to 620 OK!"
- Contributions:776
Mark,
I will stand corrected if you show my one Lender who "is" willing to write off 10%. This mtgee letter is from summer and I have yet to hear of anyone successfully having their Lender do this.
I will stand corrected if you show my one Lender who "is" willing to write off 10%. This mtgee letter is from summer and I have yet to hear of anyone successfully having their Lender do this.
- Mark Gelbman, "Mark Gelbman"
- Contributions:222
Your current mortgage does not need to be an FHA. If not, your current lender must be willing to write off at least 10% of the current balance, and your new loan cannot exceed 97.75% of the appraised value of your home. For a complete description, go to http://www.hud.gov/office ... -23ml.pdf. You are looking for Mortgagee Letter 2010-23.
Mark Gelbman
[Contact info deleted by moderator]
Mark Gelbman
[Contact info deleted by moderator]
- Robert Benham, "FHA down to 620 OK!"
- Contributions:776
You would need to have an FHA loan now. You may qualify for a "streamline" refi. All you need to do is contact a Lender and run through a list of qualifiers to see if it can be done for you.
I have done a few with ease.
I have done a few with ease.
- Chris Hood, "Chris Hood"
- Contributions:1
Is the mortgage you are looking to refinance an FHA loan?
My home is severely under water. Does anyone know how to use the FHA Short Refinance Program?
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