- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Replies (4)
- Clay Branch, "Georgia Loans"
- Contributions:7839
95% may be the best you will find ( We go to 90% ), could you do a cash in refi for the 5% difference? Using today's interest rates you will be able to get a lender credit to cover the closing costs and prepaids and still get a great rate. Hopefully someone will post saying they still do 100%.
- Clay Branch, "Georgia Loans"
- Contributions:7839
One other option is to subsidize yourself if you are in a position to do so. If you have a 401K you can borrower against you could create your own 2nd mortgage for $17,500 that is not a lien on the property. The monthly savings could be applied back to paying the 401K loan at a rapid rate.
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3428
If combining only mortgage debt, there are some VA options out there to 100%, but you are still bringing cash into closing for that scenario. If you are not disabled veteran, also looking at costly funding fee, especially if subsequent use.
If you have the cash to bring into closing, it might still be the best option for you. You should also consider a Freddie Mac Relief Refinance of your primary loan, stretch that back to 30 years, and then use the savings to pay off your second faster. This would avoid you needing to bring 10,000 cash plus possibly closing fees into closing if that is factor in what you end up doing.
If you have the cash to bring into closing, it might still be the best option for you. You should also consider a Freddie Mac Relief Refinance of your primary loan, stretch that back to 30 years, and then use the savings to pay off your second faster. This would avoid you needing to bring 10,000 cash plus possibly closing fees into closing if that is factor in what you end up doing.
- Susane99
- Contributions:2
Thanks for all the info. My husband is a disabled veteran so there would not be a funding fee. At our age, early 50s, I don't want to take anything from our 401K. We have dreams of selling everything and taking off in a Winnebago in 15 years. We are working with a mortgage co. who today says they will go 100% on a 15 year. This was after they offered 90% and we hedged. The interest went from 3 to 3.5% though (which is understandable given the risk) and we have not had an appraisal yet so I am not 100% convinced it will pan out. Plan B is doing the Freddie Mac on the primary like Justin says and then work on beating down the 2nd.
VA 100% Cashout Refi from Conventional - 15 Yr.
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.