Zillow Advice: Refinance - REFI 1st/2nd http://www.zillow.com/advice-thread/REFI-1st-2nd/254050/ Zillow Advice | Zillow Real Estate This is the tough situation ... http://www.zillow.com/advice-thread/REFI-1st-2nd/254050/ This is the tough situation that so many people are in.&nbsp; It feels like every other file we look at is like this these days.&nbsp; <br/>To get the type of <a href="http://www.zillow.com/mortgage/">loan</a> you probably have in mind (a <a href="http://www.zillow.com/30_Year_Fixed_Mortgage_Rates/">30 year fixed</a> with no <a href="http://www.zillow.com/mortgage/help/Private-Mortgage-Insurance.htm">mortgage insurance</a>, and a good rate), you would have to pay off your existing 2nd mortgage entirely, and pay down your first mortgage to 80% of the value of your home ($384,000).&nbsp; This means you would have to sink approximately $140,000 into the transaction.&nbsp; Usually breaking this news is where the process ends, but feel free to post if you have any other questions. Thu, 09 Jul 2009 01:51:00 GMT http://www.zillow.com/advice-thread/REFI-1st-2nd/254050/ 2009-07-09T01:51:00Z If Wells says the Freddie/Fannie ... http://www.zillow.com/advice-thread/REFI-1st-2nd/254050/ If Wells says the Freddie/Fannie options are out, your only way out may be the cash into the property.&nbsp; The <a href="http://www.zillow.com/fha-loan/">FHA loan</a> allows you to <a href="http://www.zillow.com/refinance/">refinance</a> up to 97% of the value of your home so you would definitely be putting down less than a conventional loan. Also, the <a href="http://www.zillow.com/mortgage/help/Private-Mortgage-Insurance.htm">mortgage insurance</a> is usually lower on the FHA loan.&nbsp; You are over the regular FHA loan limit, but a lot of Lenders are offering the Jumbo FHA product now.&nbsp; I would call a Lender who is able to give you informed and experienced assistance to see if you qualify. Wed, 08 Jul 2009 20:50:00 GMT http://www.zillow.com/advice-thread/REFI-1st-2nd/254050/ 2009-07-08T20:50:00Z Hi,Since your house is "underwater" ... http://www.zillow.com/advice-thread/REFI-1st-2nd/254050/ Hi,<br/><br/>Since your house is "underwater" as they say, you would have one of two options:<br/>If your <a href="http://www.zillow.com/mortgage/">loans</a> are both Fannie Mae or both Freddie Mac loans, you may be able to get a <a href="http://www.zillow.com/refinance/">refinance</a> without an appraisal under one of the special programs from the government.&nbsp; What we have found out though is that a valuation of the property may still be done by Freddie or Fannie, and that may trigger the appraisal condition&nbsp;you are trying to avoid.<br/>It may be far easier for you to pay the difference in cash, at the closing.<br/>One thing to consider though is this, you would have to live in the house a good long time to get the <a href="http://www.zillow.com/mortgage/">loan</a> back below the value, so before you put your money into it, please speak with an experienced Loan Officer who will "do the math" for you.&nbsp; Also try and do the math yourself.<br/>The fixed rates are not bad at all right now, so the idea is great.&nbsp;Good luck with your situation. I hope it works out for you. Wed, 08 Jul 2009 20:44:00 GMT http://www.zillow.com/advice-thread/REFI-1st-2nd/254050/ 2009-07-08T20:44:00Z wells tells me the investor ... http://www.zillow.com/advice-thread/REFI-1st-2nd/254050/ wells tells me the investor is citigroup and that it is not a freddie/fannie mortgage. Wed, 08 Jul 2009 19:18:00 GMT http://www.zillow.com/advice-thread/REFI-1st-2nd/254050/ 2009-07-08T19:18:00Z Since your balance is more ... http://www.zillow.com/advice-thread/REFI-1st-2nd/254050/ Since your balance is more than what the house is worth, what you can do is the Feddie Mac refi..do you have a Feddie Mac Loan? Wed, 08 Jul 2009 19:14:00 GMT http://www.zillow.com/advice-thread/REFI-1st-2nd/254050/ 2009-07-08T19:14:00Z