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non-FHA refi options for a 90% LTV property

I have two loans that were taken out at the same time (time of the original purchase) as part of the 80-10-10 deal.

1st $532000 5/1 ARM at 5.875%

2nd $64300 30 yr 2nd balloon at 7.125%

Zillow shows current property value at $658500 and I've been told that the property is not FHA-approved.

What are my chances of combining the two loans and refinancing with a monthly payment of under $3500 (assuming annual income of $95000) and a credit score of 740.

Thank you.
  • May 26 2010 - Sunnyvale
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Answers (3)

The last 3 appraisals I have had done in Ca, have come in within 1 - 5% of the Zestimate. 
  • May 26 2010
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Aaron is correct - you should get a more solid value on your property...

If the same lender holds the first and the second I would start with a phone call to them......

  • May 26 2010
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More information is needed to answer your question, but I certainly would not take the "zestimate" as a good indication of the true property value. The only way to see what your home is valued at in this market is by ordering an appraisal. Refinancing up to 90% of the value is possible with a conventional loan. Contact a local reputable mortgage consultant in your area that can properly assess your entire situation. Best of luck!
  • May 26 2010
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