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Search: "80/20 loan"

 
 

Asked 04/20/2009 03:30 pm CT (Colorado Springs, CO)

Three years ago I purchased a home with an 80/20 loan. I automatically went to a bank soon thereafter to set the terms of the 20 into a 15 year mortgage at over 8 percent. The 80 is still interest only due to set at as an ARM in two years. The house was purchased at 335, 000 but on current mean estimates like Zillow is currently at 311. I obviously have little equity in the house. I am wondering if I can refinance the 80 into a payment that will not be too much higher than what I currently have. I am not having trouble making payments and could afford higher. My credit is excellent, but I am beginning to consider options at this point. Thank you.

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Hi: In order to refinance your first mortgage, the second mortgage holder must agree to subordinate,...

[ Total Answers: 1 ]

 
 

Asked 12/08/2008 12:29 am CT (Philadelphia, PA)

i have an 80/20 loan, which I had since i got my home. do i need to refinance both loans for an FHA loan

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The answer is no. Using a cash-out FHA loan, FHA will allow you to subordinate the 2nd mortgage to ...

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Asked 06/09/2007 08:22 am CT (Mentor, OH)

I bought my house in December of 2004 $154,000 (including tax and title). At that time I was a single first time home buyer. I put 0% down and was put on an 80/20 loan. Two and a half years later I'm married with a child and the house is getting smaller. I make more money now then I did back then and my wife makes a decent living. We are looking to sell our house and build in a new development. We have some money saved up for a down payment. My question is - Is it possible to sell my house without taking a huge hit due to having that 80/20 loan. Thank you. Steve

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Asked 11/29/2006 05:25 pm CT (CONVERSE, TX)

Have an 80/20 loan on my house if it forecloses on the 1st does the same foreclosure timeline go for the second when I received different dates on the collection notice?

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Asked 10/11/2006 08:48 am CT (Cartersville, GA)

Bankruptcy discharged June 2005. Got in current home June 2004. 80/20 loan with 2 year ARM (interest only) on 1st and fixed on second. My ARM adjusted in June of 2006 and I want to refi to lower monthly payments. I am current, and have a really good job/steady income, but do not really have anything in the way of clsing costs or downpayment at the moment. I have recovered from the bankruptcy but need to lower my monthly to speed up my receovery. Should I try to refi both into a fixed or just the 1st? (is that even possible?) Should I try to roll both into another ARM with a lower rate to give me time to further improve my credit? I have read so much on the Net about mortgages I am confused. My current ARM is going to adjust another point up on December and I would like to avoid that if possible. I am tired of filling out these forms and having my credit pulled only to get turned down, or telling me they can't do it. What is my best course of action? Please help me with some good advice?

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Kevin: I do loans in GA. There are several pieces of information that I would need in order to pr...

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Asked 07/25/2006 10:04 am CT (Euless, TX)

Hi, I found a house that I want to buy, but I'm having trouble with financing due to a low credit score. When my credit score was pulled last weekend, the lender told me my mid score was 557. I want 100% or and 80/20 loan so I need at least 560 with that lender. Is it possible for me to get 100% or 80/20 financing with a credit score of 557? My debt to income ratio is good, and I have three accounts in good standing on my credit reports (although two of them are fairly new). I have been at my job for 5 years now. What do you think my options are? I really cannot afford a large down payment right now.

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Hi Brandi. You can improve your credit score by paying down the balances on your credit cards.. The...

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Asked 04/15/2006 06:23 pm CT (miramar, FL)

My husband and bought a home last July for $600,000. We got an 80/20 loan- 80 @ 6% fixed for 2 years only, and 20 @ 11%. We are about to sell an investment property and plan to clear about $160,000. Should we pay of the 20 portion of the loan and try to refinance the 80 so we can get a fixed rate? Or should we refinance the whole 80/20 now and then put the $160,000 down? PLEASE HELP!!! My credit score is 720+ my husbands is 650+. Combined last year we made over $165,000.

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Hi Char! First -- Congratulations on the huge profit from the sale of your investment property! Yo...

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