Karen,Fortunately 80% equity is not required. 20% is likely what you had in mind though there are other options. Allen gave a good answer.
Mark,Do you lend typically in all 50 states?
paulpark16"You to can be an Apprasal Co." or win the National Spelling Bee..........blank screen EXILED= how and why did you find and respond to a 6 yr. old post?! Thinking the EXILED may have something to do with the congenial manner in which you respond to posts.........
Save the call to Karen's friend Bobbi (contact info will be removed shortly anyway). I know of no loan program where a FICO mid score above 760 would provide a better rate. Congratulations on 780 - put your credit score swag on!
Assuming you used a Realtor, what did she or he say comps they ran show value to be? Listing agent also pulled comps to assist bank arrive at a sales price. Appraiser can go outside immediate area and use comps that don't reflect distress sales. If you didn't use an agent, it might be time to contact one to learn the real value. Another lender would only help if there are legitimate comps that their appraisal management company would likely use.
Since your FHA loan was originated prior to 6/09, an FHA streamline refi would make sense. If you are interested in moving into something bigger in the next 24 months it may be better to sell then and not refi now. You could refinance later if you leased property, but that could complicate qualifying with 2 mortgage payments.I am in Dallas so click on my picture, and I would be happy to discuss options.
It would be virtually unheard of for a typical conventional conforming loan ( below $417K) to require a verification of rent. Your lender will first pull your credit report and an automated underwriting approval. That finding is where conditions of loan approval are itemized, and I would not expect a rental verification to be among them. You appeared to be an ideal prospect for a mortgage, so hopefully your lender has done both of the items I mentioned above and has/can assure you everything is fine.
You can sell the property anytime but likely to be an issue with your next owner occupied loan. Lenders don't like to see borrowers that look like possible investors flipping properties. Circumstances change and would be viewed accordingly, as current Note states you agree to occupy the property for a year.There will not be any refund of upfront MIP only prorating on a FHA-FHA refinance.
info6098'Garrick - Why would poster contact you when your Profile does not contain a NMLS # ( national registry for mortgage originators/loan officers) or a company affiliation? Though this is your first contribution, your contact info will be deleted for violating Zillow's Good Neighbor Policy.
This is an excellent opportunity for you to lower first lien payment and eliminate high interest second. With your value of $380K + you could do an 80% loan to value and roll in closing cost. Depending on how long you plan to own the property, another option would be slightly higher rate and no closing cost. I am in Dallas, so click on my picture and contact me for a quote(s).