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USDA Farm Loan that is Ginnie Mae backed?

I am in NC have a Ginnie Mae backed loan that was setup as a USDA Farm Loan.  Our house is not a farm and is in a neighborhood of 90 other houses (less than acre lots).  The balance on the mortgage sits at 210k and a fair comp would put its value at 208k.  My credit is great and debt ratio isn't a problem but everyone I talk to says I need to bring over 10k to the table to get a refi.  Does anyone have any suggestions on where to look to refinance?
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August 07 2013 - Clayton
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Are you looking into an FHA Streamline?
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August 07 2013
There is no current option that will allow you to refinance without bringing cash to the table to lower the loan to value to meet FHA guidelines (currently the highest LTV, with the exception of Fannie/Freddie HARP 2.0).  There is much speculation that President Obama wants to expand the HARP program to include all loans that are underwater; however, that is currently (IMHO) unlikely that it will pass Congress.  As a mortgage professional, I would love to see it happen...I am just being realistic.

If you do hear about the passage of HARP 3.0, you will have your solution.

All my best,

Deborah
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August 07 2013
 
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Related Discussions
USDA Farm Loan that is Ginnie Mae backed?
Profile picture for Deborah Garvin
Latest reply by Deborah Garvin
August 07 2013 | 2 answers
  • Posted by user67930914
  • In Refinance
  • August 07 2013
can i refiance even with a judgement?
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Latest reply by Andy Matejka
June 08 2010 | 4 answers
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