i have to refinance next year for my home in which i owe 215000. but i predict my home value has dropped?

One Response to “i have to refinance next year for my home in which i owe 215000. but i predict my home value has dropped?”

1. Voyage Home Loans CA says:

   November 27, 2010 at 1:34 am

   If your value has dropped to 225k and you owe 215 total, you can get an FHA loan and refinance both. Yu can go up to 97%of what your home is worth. They will allow you to pay off the second because it was considered purchase money. If you are upside down you have a couple of choices.

   1. you can receive gifted funds from some one to bring in the amount you are short. Example : your home is worth 210,000 and you can go to 97% ($203,700) you would be short 12k, you can get that gifted by family or someone close.

   2. if, like most people…you dont know anyone that will gift you any money, you can see if you qualify for a fanne mae streamline loan. To qualify for this loan you have to go to their website.. http://loanlookup.fanniemae.com/loanlookup/ … you need to input the information exactly as it states on your mortgage statement for it to tell you if you are a match.

   3. If you do not qualify for any of the mortgage options above, you should call your lender and see if they will “freeze” your interest rate.

   I wish you luck

   Josh H
   Voyage Home Loans
   Sacramento CA

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