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Financing in 22554 : Real Estate Advice

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  • Home Buying10
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Activity 1
Mon Nov 22, 2010
brent mendelson answered:

Here are two links for you to check and see if the loan is owned by FNMA or FHLMC. If it is you can refinance to at least 105% and maybe 125% But there are MANY restrictions on these loans. Does it have MI etc. When did you buy the house. Do you have a second mortgage etc?
Check these websites, it's the first step.
If it's no on here then call your lender to ask. It's easy to ask them as well. They get the call all the time. I have seen the websites be wrong on occasion. You may wish to contact your current lender on a refinance also whether the loan is owned by FNMA or FHLMC or not. FHA is cappped at 97.75% for what you want to do not 85% That is the limit for cash out. Don't wait around these guidelines are getting tougher every day so if you have a borderline case get it in now before you miss the chance at these low rates. Hope this helps let me know if you have a follow up question.
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