Between now and Tues the rates could go up or down a .25%, based on Greek gov't default outcome over the week end and Retail Sales #s released on Tuesday. How much of a Gambler are you? Unless you know for sure those 2 outcomes will be negative, it is all at your risk to wait.
Justin gave you a very good answer. He is in CA, so contact him for more specific input and explore options that might be beneficial.
Market conditions change like today for example. Mortgage rates/pricing likely increased across the board mid day based on negative MBS/Treasury bonds being lower than when market opened. An honest person will give you accurate #s, so choose your loan officer /lender based on their past performance.
You can on a regular FHA refinance, if you have sufficient equity - max loan 97.75%. As others have also mentioned, you can have closing paid by seller but better option might be to have lender pay the closing cost with an increased interest rate. In a competitive market it may be unlikely that a seller will agree to pay all or any closing cost. Raising price to cover the cost may present an appraisal issue, that the seller and/or listing agent may be reluctant to risk; particularly if they have other offer(s) without closing cost having to be paid.Christopher - not sure why you mention a cash out FHA refinance in reference to rolling in closing cost on a an FHA refinance. Good luck with rolling in previous months interest and 30 days of new interest .......
Josh,Remember the movie Forrest Gump......... I think it is time for you stop running. We will take it from here.
Thank your husband for his service. I would like to assist you with a VA loan, but I am only licensed in TX. However, if you will contact me by clicking on my picture, I will coordinate a referral to a loan officer in one of our NC offices.
The maximum FHA loan limit in Harris Co is $326,600, so there would be some limitation with $20K down payment and closing cost needed. A conventional loan with 3% or 5% down may be a possibility, but credit scores would typically need to be above 620. This would be a good time to contact me to discuss qualifying aspects, and options to increase your credit score. Click on my picture and read my Reviews, and let me know if I can assist you.
Kathy,Pretty strong advice with such weak credentials.............
Yes, if he is a eligible veteran. NC is not a Community Property state , so the debt of a spouse would not have to be counted. In the 9 Community Property states the debt of non purchasing spouse would need to be counted, unless debt was verified to have incurred prior to the marriage.
Each state has its own laws governing the amount of cash/equity that can be obtained. Since the home you want to pull equity from is a Non Owner Occupied property, available equity would be based NOO laws. A cssh out refinance or home equity loan, if available, would likely be at least 60% and could be as much as 80%.As mentioned, you would have to qualify for loan on NOO property loan and loan for purchase. If in law has been paying rent, it is likely that could be counted to offset NOO property debt.Let us know what state properties are located, so that you can get more specific information. Include whether in law is paying rent, how much, and for how long.