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Profile picture for Joshua G

Refi two Mortgages into 1 with 100% LTV

We have a Loan since 2005 on our house for $124K in SC.  It is just a conventional Fixed 30yr Loan.  In 2009 we got our house reappraised ($155K) and got a Home Eq Loan.  We want to Refinance our house and either get the two loans put into one or just Refi the house and keep the Home Eq Loan the same.  I have good credit 715 but when the house was reappraised they gave us 5 comps. 4 of them in the $150K-$180K on my street and one in a rough neighborhood that was $115K so this one brought the value of my home down to $130K.

Ok now for the questions.  The remaining on my two loans with closing costs would be $130K-$132K which would put me to ~100% LTV.  Would I be able to get a Loan of any kind to combine both.

Or is it possible to keep the Home Eq Loan the same and just refinance the House which we owe around $108K on.

I have tried to deal with local banks with no luck.  They just say no but do not say no to what and why and is it their rules or federal laws.  Any help would be greatly appreciated.

  • December 10 2012 - Aiken
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Answers (6)

Profile picture for Joshua G

It is not a Frannie Mae/Freddie so can I still get a HARP loan?
  • December 10 2012
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You may be able to refinance with the HARP Program. You should contact a lender licensed in SC to discuss your loan options. I can refer you to one if you'd like.
  • December 10 2012
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Profile picture for Joshua G
It would probably take 6-8months to pay down the HELOC.  I would need to knock off about 6-8K on it to be at 97%.  Right now we do not have the funds to do that.  We are wanting to refinance so that we will have the funds and pay stuff off.
  • December 10 2012
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Profile picture for GMerino
Are you able to pay down your HELOC so that you cltv would be 97%? 
  • December 10 2012
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Profile picture for Joshua G
The estimated value as of 2 months ago was $130K.   No the Loan is not Fannie Mae/Freddie.
  • December 10 2012
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Profile picture for GMerino

What is the estimated value of your home today?  Do you know if your loan is a Fannie Mae/Freddie if the loan is there may be alternative options in being able to refinance your first loan allowing for a subordination of the second. 

  • December 10 2012
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