Answers (2)
- Augustus Bukowski, "SeattleMortgageGuru"
- Contributions:356
Yes, if your home is owned by Fannie, Freddie, or is insured by FHA or VA, the value really does not matter much any more. IF you just have any other regular conventional or conforming loan, you can do a regular FHA refinance to 96.5%, or a conventional loan to 95% loan to value.
I think you just need to contact an appraiser and ask them for a CMA or look up some comps on Zillow and determine your value. Once you have a good idea, you can run through your options with a good mortgage broker and they will explain exactly why or why not you are not eligible or should wait.
I think you just need to contact an appraiser and ask them for a CMA or look up some comps on Zillow and determine your value. Once you have a good idea, you can run through your options with a good mortgage broker and they will explain exactly why or why not you are not eligible or should wait.
- wayne lancaster, "funds2"
- Contributions:1936
Surprised you were told by lenders that good comps in your area are not available since lenders don't have access to comparable data other than public info i.e. Zillow, city records, etc. You should contact the Realtor that sold you the house and ask him/her to run comps for you. Another option would be to pay for an appraiser to give you the value of your property with appropriate comparables. You couldn't use the appraisal but would give you an idea the value of a lenders appraisal. If over $190K you would have several options but likely to be limited to rate/term rrefi vs cash out.
Options for refinance/debt consolidation?
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