Profile picture for sbd101

Need to get out of a crap WellsFargo 80/20 loan.

In 2005 Wells Fargo recommend a 80/20 loan to us and said its a good option for us because we can hang out for a few years and then refi into something better.  Well, guess what happened..  Thank you market!

Anyway, the loan is up here in Sept. 2010 (5year).  The 80% loan I just changed to an adjustable rate because it dropped the rate way down and it would have changed in Sept. anyway.  The 20% expires in Sept.  I also found out that this loan backed by wells fargo and not fannie mae or freddie mac.

So, I have a $234,000 80/20 loan that I am not quite sure what to do with yet.  Our property tax records show that the house, according to the county, is worth $234,000.

I should also mention that my wife quit her job at the end of 2008 and has been doing in-home daycare since.  I know we tried asking around and no one would talk with us because the want at least 2 tax returns from someone self employed.  Anyone have any insight?
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March 09 2010 - US
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Answers (7)

Get in touch with the lender who got you into that deal...maybe they can cover your closing costs and cover the difference of the current value of the house.  They recommended refying before it was due to reset...yes?
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March 11 2010
USDA loans are available up to 100% if your property is available as a rural property.

Here is the website to see if your property and your income fit the program.

If it does, get in touch with a lender here who meets your needs.

Good Luck!

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March 10 2010
Take Socal's advice and find out what the value actually is and take Nics advice and contact Sherri for a possible FHA refi.
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March 10 2010
Profile picture for SoCal Engr
You might want to get a CMA or other "thumbnail" valuation on the house. It's likely that the tax records simply recorded the last sale price of the house (i.e., $234K). It's very likely that the assessed value has little to do with what the house will appraise for, and you want a good idea of current value to help you decide how to proceed.
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March 10 2010
No most if not all lenders are capped at 90% unless current loan is a VA loan.



Look up Sherrri Sherpy in the Minnesota lender directory and see if she can help you out.


Best of luck.
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March 10 2010
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Property is in MN.

I also saw somewhere that VA will go 100% if you can actually find a lender that will do it.
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March 10 2010
Highest loan to value loan these days is an FHA loan.  So you could payoff the two loans up to 97.75% of appraised value and you would need to pay down the rest.



What state is the property located in?
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March 09 2010
 
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