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Replies (5)
- Doug deBruyn, "loanpilot"
- Contributions:34
Brian,
What type of loan do you currently have? FHA, VA, Conventional?
If it is conventional and it is owned by Fannie or Freddie (it could be serviced by anyone). You may be able to qualify for the HARP 2.0 program that is coming out in March.
Doug
What type of loan do you currently have? FHA, VA, Conventional?
If it is conventional and it is owned by Fannie or Freddie (it could be serviced by anyone). You may be able to qualify for the HARP 2.0 program that is coming out in March.
Doug
- brian12348
- Contributions:2
My loan is serviced by freddie mac, but my goal is to get to a bigger house. The townhouse isn't working out so well with two dogs and a kid. We plan to have another baby in the next year or two and would like to have a yard for all of them to play in.
It will most likely be cost effective to refinance through the HARP 2.0 plan, but that doesn't get me much closer to a new house.
It will most likely be cost effective to refinance through the HARP 2.0 plan, but that doesn't get me much closer to a new house.
- Doug deBruyn, "loanpilot"
- Contributions:34
If you buy a new house you will need to qualify with both house payments. There is no way to get out from your current loan unless you do a short sale. You will then have a waiting period befroe you can buy again unless you meet certain circumstances.
Doug
Doug
- Russell Smith, "RussellMortgage"
- Contributions:110
Look for the new details that come about from Obama's address to the nation the other night. There could be something that can help you refinance the current loan even though the equity is not there.
- Nicholas Ribeiro, "NicholasRibeiro"
- Contributions:1807
Go through a short sale and cut your losses!
Options - 250k Loan, Underwater 65K, Still want to pay
Current House Situation:
Loan: 250k @ 6.4%
House Worth: 185k
Monthly HOA Dues: $200 (Waste of money)
Yearly HOA Dues: $300
I end up paying about $2100/month with taxes & PMI.
What are my options?
Is there a personal loan available for this situation or can I get a loan tied to my new house I want to purchase?
FYI, in my area I could purchase a modest house with yard that would fit my family for a long time for around 225-275k. The lower interest on my new loan coupled with the HOA savings and lower heating bills (my 3 story townhome is very inefficient and cost a fortune to keep at 63 degrees) would create a lot of extra room to pay off the personal loan.
Thanks
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