The previous responder is correct that the issue is not as much the lender doing the refinance for you. (I have done several in your are actually as my office is just around the beltway in downtown Silver Spring) The issue is getting your current servicer to take less for the payoff.
May I ask to whom you currently make your mortgage payements?
I am available to help you at your convenience if you wish.
I also offer credit score improvement programs for free while we work on your mortgage.
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Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist
Hi, Cathy. FHA doesn't finance loans, only insures a portion of them. Loans are still subject to Lender overlaying guidelines that, in most cases, supercede FHA's since it is the lender who is actually providing the financing.... more
Ditto What Don said - perfect advice. I am from Michigan and know that the land contract is common there, not so here and frought with a number of negative possibilities for you. With $95K to put down it would seem that you have other options. Don gave you very good advice. I sugest that you follow it.