Was the HELOC, equity loan withdrawn at the same time as the primary mortgage?
The sad thing about mortgages is that you need 12 month mortgage payment history
with no late payments past 30 days for most federally backed mortgage refinance programs.
We could, to get away from the HELOC look at combining the two mortgages under
an FHA mortgage or VA mortgage, these options are great for little to no equity in your home.
VA primary mortgages, pending if yourself or your husband served in our military forces, would
be available as well to combine the two mortgages up-to 100% of the Loan to Value of the home.
FHA has MIP or mortgage insurance, but allows the appraisal value to come in at 97.5% LTV.
The market has improved. Appraised values from 2008 are no longer accurate.
Today's market has seen an upswing in home sales. In most cases, sales prices
on homes have increased. Sales in the last 6 months are relevant towards your home value.
I suggest looking into a no cost, no obligation evaluation of your current mortgage situation.... more
The area median income (AMI) is a statistic generated by the U.S. Department of Housing and Urban Development (HUD) for purposes of determining the eligibility of applicants for certain federal housing programs. HUD determines AMI on an annual basis for each metropolitan area and non-metropolitan county, making adjustments for household size and other factors. Different housing programs use different percentages of AMI â€“ such as 30 percent of AMI or 80 percent of AMI â€“ as maximum income limits for admission. Many state and localities have adopted HUDâ€™s income limits for their own programs, or use a variation on the HUD limits â€“ for example, 120 percent of AMI.
Click on the link below for more details from HUD.... more