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Answers (3)
- mymortgagebrokerjoe
- Contributions:129
you are trying to do a cash out, which in most states is limited to 80% conventional, unless you qualify for an FHA cash out @ 85% ltv, or a VA cash out @ 90% ltv. a rate and term refi gives you a higher ltv option, but no cash out. you could use extra cash flow to pay off cars sooner. how much do you owe now? - joe
- Ryan Halset, "RyanHalset"
- Contributions:730
Not sure how much you actually owe on the first & second, or what your rates are - but you could check to see if you qualify for the Home Affordable Refinance Program (HARP), and see if it makes sense.
You'll need to talk to a mortgage professional about the details of your specific scenario, but:
You'll need to talk to a mortgage professional about the details of your specific scenario, but:
You may be eligible for HARP if you:
Good Luck!
Ryan Halset
- Own a one- to four-unit home that is your primary residence;
- Have a mortgage owned or guaranteed by Fannie Mae or Freddie Mac
- Are current on your mortgage payments and have not been more than 30 days late making a payment within the past 12 months
- Have a first mortgage not exceeding 125 percent of the current market value of your home;
- Have income sufficient to support the new mortgage payments; and
- Can improve the long-term affordability or stability of your loan with the refinance.
Good Luck!
Ryan Halset
- Drew Brenner, "OK Mortgage Expert"
- Contributions:4
Unfortunately your bank is correct. Everything (for the most part) is based on the appraised value of the home, and with a conventional loan you can only borrow up to 95% (sometimes less depending on the scenario) of that value (and only up to whatever the conventional loan limits are in your area. My area is $417K max, but yours will likely be different). So you are stuck unless home values come up or you want to pay some down. Sorry to be the bearer of bad news. Good luck!
Refinance with negative equity and high income
So I wanted to know if there are options I have to refinance the house to consolidate the loans without paying $80k down to do so considering our family income level. Ideally (since I might as well ask for everything), I would like some type of jumbo loan to put the car payments in as well but Ill settle for something less.
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