Zillow Advice RSS: Question-Discussion-Guide,Mortgage,Rochester- NH http://www.zillow.com/advice/Rochester-NH/mortgage/question-discussion-guide/ Zillow Advice search results | Zillow Real Estate Do I have a rural development loan? http://www.zillow.com/advice-thread/Do-I-have-a-rural-development-loan/381920/ Greetings,<br/>I'll get right down to it:<br/>&nbsp; My fiance and I own a condo.&nbsp; Many units in our complex are for sale for about half of what we paid.&nbsp; We owe approximately $100k on our unit, and while we both have good credit and reasonably low DTI ratio, we are finding it harder and harder to afford our mortgage, due to the fact that my fiance has to drive 150miles a day to her job.&nbsp; Recently, I inquired with our mortgage company about this.&nbsp; The gentleman I spoke to was quite nice, though the 2nd time I spoke with him, I got the feeling that he wasn't truly interested in helping us refinance because he wasn't very forthcoming with information on options that we have, and resolutely pointed me toward staying with our current loan.&nbsp; He works for the same company that services our original loan.<br/>&nbsp; Anyway, he stated that we have a rural development loan.&nbsp; This is odd to me because we pay PMI, and it is my understanding that there is no MI with RD loans.<br/>&nbsp; He also stated that it may be possible to convert the RD loan into an FHA loan to take advantage of an FHA streamlined refinance.&nbsp; We are definitely interested in a streamlined refi because we are underwater and we're hoping to get a no-appraisal refi. <br/>My questions are:<br/>1. Do we really have a RD loan even though we're paying PMI?&nbsp; We definitely did a 100% loan originally, including the closing costs.<br/>2. If we have an RD loan, is it possible to convert it to an FHA loan to try and take advantage of streamlined refinancing?<br/>3. Do any of you have any advice on what we can do?&nbsp; <br/>4. What do you know about United Guaranty?&nbsp; The refinance guy vaguely mentioned them as having something to do with our original loan, though I know my loan is listed as being a Freddie Mac loan.<br \><br \>5 replies Sat, 22 Jan 2011 03:18:00 GMT http://www.zillow.com/advice-thread/Do-I-have-a-rural-development-loan/381920/ 2011-01-22T03:18:00Z How to refinance if under water? http://www.zillow.com/advice-thread/How-to-refinance-if-under-water/361158/ I'm about $25K under water with my condo that I've owned for 4+ years. I've never been late on a mortgage payment, but I'm stuck in a 6.725% interest rate for 30-yrs. I would love to be able to take advantage of the extremely low interest rates so that I can lower my monthly payment and use that money to pay my student loans down faster. However I'm not in a fanny/freddy backed loan. I used a first time buyer program through the State of NH.&nbsp; They say they don't do refinances and I don't qualify for modification.&nbsp; They say I can only short sale, but I don't want to sell my place.&nbsp; Is there ANY way I can get refinanced while the rates are low?&nbsp; Please help if you can. Any info would be cherished.<br/>Thanks,<br/>Megan<br \><br \>9 replies Sat, 07 Aug 2010 15:04:00 GMT http://www.zillow.com/advice-thread/How-to-refinance-if-under-water/361158/ 2010-08-07T15:04:00Z