Answers (5)
- John Personette, "user4197760"
- Contributions:1
Hi everyone,
It looks like there may be some refi experts in this forum already. I have a friend Amy whose house is underwater. If I explain her situation, I would love it if anyone had any IDEAS that could be helpful or creative.
She owes around 126k and a realtor feels it's worth 90-95k. She is in a current FHA streamline loan that she refinanced in July '10 for $133,000. Her current payment is $930.00 a month.
She needs to get out or rent the property.
To rent her house out in the area she would need to target $700/$750.
So obviously reducing her current $930 monthly payment is a primary driver right now.
She is current on all payments and has never defaulted on a loan.
Any thoughts are ideas would be awesome. Thanks - John
It looks like there may be some refi experts in this forum already. I have a friend Amy whose house is underwater. If I explain her situation, I would love it if anyone had any IDEAS that could be helpful or creative.
She owes around 126k and a realtor feels it's worth 90-95k. She is in a current FHA streamline loan that she refinanced in July '10 for $133,000. Her current payment is $930.00 a month.
She needs to get out or rent the property.
To rent her house out in the area she would need to target $700/$750.
So obviously reducing her current $930 monthly payment is a primary driver right now.
She is current on all payments and has never defaulted on a loan.
Any thoughts are ideas would be awesome. Thanks - John
- Norm D Plume, "Coolidge or Chaos"
- Contributions:2312
Claudia agrees with you Clay; I know you were very worried before about if an agent would agree with you but now you should be able to sleep ok.
Go Gators!
Go Gators!
- Claudia Gerardino (Yo hablo su idioma), "Denver home for sale"
- Contributions:61
I Agree with Clay.
- KKSka14
- Contributions:65
Clay is correct. Nothing is "free"--either you pay for it upfront in cash, the cost is rolled into the loan amount or the cost is rolled into the note interest rate. But most or all lenders can offer "no-cost" loans, as in no out of pocket loans.
- Clay Branch, "Georgia Loans"
- Contributions:8819
Every lender can give you a no cost loan unless the balance is too small. While you will save on the P and I, that savings may be offset with higher MI. What is your loan balance and how much do you pay each month for mortgage insurance?
Who Offers No-Cost FHA Streamline Refinance Loans?
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