Another FHA Refinance Case Study
By Brian Skaar, Purchase Loan Specialist - VA, FHA, Conventional
(VanDyk Mortgage - VA, FHA, Conventional, VA Jumbo, Jumbo, Purchase Loans, & Refinance, Direct Lender)
I just posted a FHA Refinance Case Study for a loan over $417K, here is another FHA Refinance Case Study to show another area where FHA can help homeowners. Let's say you live in Los Angeles California. Your home is now worth $400K. Your First Mortgage is $340K, and you have a small second mortgage of $36K, which you used to finance your child's college expenses. Your first loan has been denied for a HARP (Home Affordable Refinance Program, aka DU Refi +) due to the fact that it was a Non-conforming mortgage from Ameriquest. That rate is now set to adjust, and you explore Refinance options further before your payment increases. The big bank says no, because you live in California, their limit for a conventional loan is 90% in CA. Also, they have to consider your second mortgage...
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