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Answers (8)
- Greg Cowart, "Roseville Loan Guy"
- Contributions:448
Aaron,
He has an FHA loan and thus will not qualify for a Home Affordable Refinance. FHA Streamline is going to be his only answer.
Greg
He has an FHA loan and thus will not qualify for a Home Affordable Refinance. FHA Streamline is going to be his only answer.
Greg
- Aaron Glassman, "Aaron Glassman"
- Contributions:46
There may be an option for you to refi under the "HARP" program.
Also known as, Home Affordable Refinance Program, HARP is designed to assist homeowners in refinancing their mortgages – even if they owe more than the home's current value.
A good place to start with any loan question is your local bank, or if you are happy with your current lender, then you can start there.
Good Luck!
Also known as, Home Affordable Refinance Program, HARP is designed to assist homeowners in refinancing their mortgages – even if they owe more than the home's current value.
A good place to start with any loan question is your local bank, or if you are happy with your current lender, then you can start there.
Good Luck!
- T.C. Whiting, "TC_at_PNC_Bank"
- Contributions:332
Absolutely not true unless there are some strange circumstances surrounding your situation. FHA Streamline is the way to go on this. No appraisal required in most cases.
- Greg Cowart, "Roseville Loan Guy"
- Contributions:448
I'm sure ANY broker, mortgage lender, or bank would LOVE to do your deal. I would work with someone local and professional, but any one (broker, lender, bank) could be the right one for you.
- cjilliego
- Contributions:2
My current loan is FHA and right now I do pay into an impound account and I pay PMI insurance. I gross 85,000 per year. Is there a particular type broker who prefers FHA?
- Ray Blindauer, "SigmaWealth"
- Contributions:246
If FNMA owns your loan currently, you do not need to have 20% equity and you will not need to pay mortgage insurance. You can check to see if your loan is owned by FNMA right here: http://www.fanniemae.com/loanlookup/
- Greg Cowart, "Roseville Loan Guy"
- Contributions:448
You can most likely refinance if you are in a conventional or FHA loan right now. 20% equity is NOT required and sometimes no equity is required at all if you have the right kind of loan.
Sincerely,
Greg
Sincerely,
Greg
Yes you can most likely refinance, but whether you will have to pay mortgage insurance is the question. Do you pay it now? Is your mortgage owned by Fannie Mae or Freddie Mac? Is it an FHA or VA mortgage? There are a whole bunch of questions that need to be answered.
...is it true I need to have 20% equity before I can refi my loan?
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