Need a Lender for an FHA short pay refinance. Current lenders agreed to a short pay of fair current market value and give me 30 days to provide proof

Asked by Kelskey, Bakersfield, CA Fri Jul 16, 2010

of qualification. Problem is, my scores are high enough to meet FHA criteria but my income alone is not. My husband is perm disabled and recieves SSD. Together our income is sufficient but his credit is ruined and takes us below FHA criteria. Can anyone TRUELLY help? We owe 325,000. Current value is 260,000. Lenders have agreed to take 260,000. I CANNOT LET THIS OPPORTUNITY GO BY
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Ray Short-re…, , New Jersey
Mon Aug 16, 2010
Please review our website we may be able to help. WE DO SHORT PAY/ REFI WITH A NATIONWIDE CHARTER BANK
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, ,
Fri Jul 16, 2010

FHA short payoffs only go up to 97.75% of the appraised value. Being that your mortgage is on time, you can qualify but the closing costs and cash difference between your appraisal and new loan amount would be due at closing based on your scenario. Do you know if your lender will reconsider to the max amount that FHA will allow? They can also create a small 2nd mortgage to cover the difference and use that loan with our new FHA loan to pay off the $260k.
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