Financing in Marietta>Question Details

Nh0328, Home Owner in Marietta, GA

How can I refinance an 80/20 loan, first is with citi (174,000), second is with GMAC (32,000). Can I refinance to an FHA loan.?

Asked by Nh0328, Marietta, GA Wed Mar 23, 2011

I purchased my home for 219900 so I don't have 20% equity yet. Is it possible to refince into one loan at a lower rate

Help the community by answering this question:


Hi Nh0328:

I have a terrific Loan Officer to recommend to you....simply put she is the best! Jan provides awesome customer service and she is very knowledgeable. Her contact information is below:

Jan S. Wagner, CRMS Certified
Branch Director/ Licensed Mortgage Originator [NMLS 152431]
Primary Capital Advisors, LC [NMLS 3076]
Canton Street Branch Roswell, GA 30075
Office: 678.505.4161
Cell: 678.525.1486
GAMP’s Top Producer Award Recipient 2006 – 2009
Apply online at

Good luck and Best wishes,
Michelle Foster, REALTOR, ABR, QSC
Better Homes and Gardens Real Estate Metro Brokers
0 votes Thank Flag Link Wed Mar 23, 2011
You need to speak to a direct lender. My loan lady is Gina at Academy. 404-449-4515. Tell her Mark sent you.

Mark Lackey
Atlanta Housing Source at
Solid Source Realty, Inc.
Associate Broker

Home Buyers & Sellers -
Property Management –
0 votes Thank Flag Link Wed Mar 23, 2011

You can refinance to an FHA loan, but the better option in terms of lower payment is a HARP refinance of your existing mortgage as a new convenitonal mortgage. There are some circumstances where an FHA loan makes sense, but in my experience, most borrowers benefit more from a lower rate on their existing first mortgage.

I would be happy to provide you with a no obligation evaluation of your circumstances to determine what is best for you. Call me at 678 467-9959 if I can be of assistance.

Timothy Brown | President
Academy Residential Mortgage, Inc.|
11380 Southbridge Pkwy, Suite 200 | Alpharetta, GA 30022
678.468.5626 x110 | fax 678.935.1156 | cell 678.467.9959
0 votes Thank Flag Link Wed Mar 23, 2011
You should be able to. It depends on the present value of your home. Don't forget that FHA will have mortgage insurance but your overall payments might still be lower - I would be happy to figure out the new payments and write an FHA loan for you if you wish.

Flagstar Bank - Financing in 50 states - Equal Housing Lender
0 votes Thank Flag Link Wed Mar 23, 2011
In short yes you can, depending on the amount of equity you have and your credit profile.

If you have 3.5% equity in your home you could look at a FHA loan. If you do not have enough equity to do a FHA loan or a regular conventional loan there are options to refinance your first mortgage. This will depend on whether your mortgage is owned by Fannie Mae or Freddie Mac.

Please feel free to contact me if you would like to discuss further. My office is just south of Marietta.

Steve Mearman
Cornerstone Mortgage Group, LLC
Web Reference:
0 votes Thank Flag Link Wed Mar 23, 2011
It may be posible. Have you spoken with a local mortgage rep. If not you can feel free to call me i am the owner of a Mortgage Company right off Cobb Parkway 678-564-1522 and i can go over your oprions for you.
0 votes Thank Flag Link Wed Mar 23, 2011
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