Can I refinance my current mortgage and equity line into a 30 year fixed?

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I took at 80%/20% loan to get into my first house. 5 year fixed ARM (4.5%) and equity line for the 20% @ 10% (adjustable). I have never missed a payment on either of these loans over the 3+ years. I would like to turn this loan into a loan to eliminate the equity line. Initial loan was 200k, I currently owe 190k on the loan.

Can I do this without putting cash down (20%)? I do not have 20-40k to put on this refinance loan as my wife and I each are full time employees and full-time graduate students. What options are there out there?

  1. Reply
    February 14, 2011 at 7:22 pm

    What you want to do first is find out what your house is currently worth. Visit to get a rough idea.

    If you haven’t missed any payments and you have provable income suitable to support the loan you want to find a HUD-APPROVED FHA LENDER in your area.

    With an FHA loan you can combine the two loans up to 97.75% of your home’s value.

    In closing, I have nothing against Mortgage Brokers. Just don’t use them for an FHA loan. If they can do it at all, it will take up to 3-months to get done. An FHA Direct Lender can underwrite and close your loan in 7-days.

    Good luck. Don’t be afraid to ask your loan officer tons of questions. We get paid pretty good to answer them.

  2. Reply
    February 14, 2011 at 7:46 pm

    You probably can but should contact a local lending source to see where you stand.

    Don’t waste your time contacting the scumbag spammers who post their “I can help!” garbage here. Most of them are scammers working out of Nigeria or Latvia or some other God-forsaken hellhole. Even if they’re not, they’re not bright enough to read the CG and TOS so would you REALLY want to trust them with a major item like a mortgage??

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