Financing in 60640>Question Details

Andrea Huff, Home Owner in Texas

Bought home in 2008@6% int. In 2010, job ended. In 2012, he landed a job in Texas. We rent an apt. now. Can we refinance?

Asked by Andrea Huff, Texas Thu Apr 4, 2013

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Bradley Eggers’ answer

It is definitely possible that you may be able to refinance. More details are needed. If your current mortgage loan is either a Fannie Mae, Freddie Mac, or FHA home mortgage it won't even matter what your value is currently. Give me a call or contact me via email to discuss more thoroughly.

Bradley Eggers
Senior Loan Originator
NMLS #222407
One Mortgage, Inc.
C) 847-744-0168
O) 847-963-1000
1 vote Thank Flag Link Thu Apr 4, 2013
We haved the income to qualify..but my question is on the type of refinancing that is allowable since we do not occupy the home per sea... would we need to refinance as a second home even though it is the only home we own.. but currently rent out of state.
Flag Fri Apr 5, 2013
Our Loan was wtih Wells Fargo. The amount borrowed is 800K The Payoff is currently 775K. We put 20% down originally. The home value is what may be questionable. I beleive it may appraise for 950,000. My concern is if I can refinance as my primary home...since it is the only home I own? We have all our furniture in the home now and even voted there is 2012. But we live mainly in Texas as this is where my husband now works. Do we qualify for a refinance as a second home since we are not occupying it full time? Or is ita allowed to just refinance as normal, even though my husband's income is from out of state?
Flag Thu Apr 4, 2013

The answer would come down to what program your current loan is on.

However, based off how the question is worded it sounds like you bought the home in 2008 which would make you eligible for the HARP programs and also the reduced FHA Mortgage insurance premium if you are currently on either one of these programs.

Then it sounds like there was employment until 2010 and then the job ended. Now back on the job as of 2012 to present. Thus, it sounds like there was an unemployment gap for two years.

A borrower must have a two year work history prior to application and acceptable borrowers without a two year work history can typically only include the following:

Students with valid college transcripts or a college diploma
Individuals recently discharged from the military
Individuals who rejoined the work force after an extended absence (typically over six months) to care for children, family members, etc. In this situation there needs to be a two year work history prior to leaving the work force and typically six months employment in new position.

Feel free to give me a call or email me at any point.

Chris Diamond
Diamond Residential Mortgage Corporation
NMLS 771882
0 votes Thank Flag Link Fri Apr 12, 2013
Our Team | United Equity Mortgage Corp. items – Wieslaw (Wesley) Jura Vice President. NMLS ID 225274 ...
Wieslaw (Wesley) Jura Vice President. NMLS ID 225274 773-304-3412
Paul Gondek Senior Loan Originator. NMLS ID 226276 773-304-3414
0 votes Thank Flag Link Wed Apr 10, 2013
Hi Andrea,

I would call Joanna Weiss or Sam Sharpe, both responded here and are both best qualified to answer your specific needs.

Good luck!
0 votes Thank Flag Link Sat Apr 6, 2013
if you have been paying the mortgage and the payments are current. If your loan is a Freddie Mac or Fannie Mae loan, you may qualify for a HARP loan that will help you if the property is worth less than when you purchased. Is the property currently leased? Let me know. I would be happy to help. Joanna Weiss 773-327-3580 NMLS 230092
0 votes Thank Flag Link Fri Apr 5, 2013
You need to consult a lender in your area to determine if your financials qualify you to refinance.

Good luck!
0 votes Thank Flag Link Fri Apr 5, 2013
I would talk with a lender. Its tough to know without knowing all the financial information.
0 votes Thank Flag Link Fri Apr 5, 2013

Bradley did give a solid answer!
0 votes Thank Flag Link Fri Apr 5, 2013
As long as your income, credit and Loan to Value ratios are OK you should be able to refinance.
Web Reference:
0 votes Thank Flag Link Thu Apr 4, 2013
We would need more information but your off to a good start. Please feel free to contact me for a free quote
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
773 290 0455
0 votes Thank Flag Link Thu Apr 4, 2013
Let's discuss your loan scenario in more detail. I would appreciate the opportunity to earn your business, contact me at 800 315 8803. My name is Bart and I have been in the mortgage business since 1987. I work for a lender that has been lending for over 100 years. I am happy to answer your mortgage questions, 7 days a week and review your loan scenario. I lend nationwide.

Until then, I look forward to hearing from you.

Bart Gabe

800 315 8803

NMLS# 20743 - my licensing information - link to look up my license number
0 votes Thank Flag Link Thu Apr 4, 2013
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