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Can I get a Piggyback?

I bought my primary home on a private contract, May '11, paid $209,000, put $10,000. down, Bal $195,000. I want to refinance, I had home appraised in May '12, was $185,000. Values are going up in Vancouver WA, but not so much in my area. My home is located in an area that is 5 acre parcels. My home, along with 2 others , all in a row, were made into 1 and a half acre parcels, so long ago the county has grandfathered them. The last appraiser had a difficult time finding comps. Looking on Zillow, I can see that will be the case this year also, the five acre parcels have McMansions on them , my home is a 1400 sq ft ranch. I do not have $20 grand saved, and do not want an FHA with the huge PMI payment. I am going to guess appraisal will come in at $190,000. Options? Vancouver WA. by bshydu_185_624 from Vancouver, Washington. Jun 25th 2013 Reply


Paul McFadden (paul.mcfaddenmortgages@gmail.com)
#42 ranked lender in Washington - 45 contributions

Is your goal to get cash out or to refinance to a lower rate? If it's to get cash out, you need more equity and will probably need to wait until the value of your home increases. If you're looking to refinance to a lower rate and payment, HARP 2.0 was created for homeowners with little or no equity. Your loan needs to be owned by either Fannie Mae or Freddie Mac. You can Google this or I can look it up for you. Let me know if you have any other questions. Thanks!Paul

Jun 25th 2013
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Goal is lower rate. Private contract so no Fannie , Freddie, Fha, VA , Usda. No bank, no loan.

Jun 25th 2013
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Carlton Sellars (carltonsellars)
#33 ranked lender in Washington - 2 contributions

Unfortunately, an FHA loan at 95% is your only option. However, most private loans usually come with higher rates so I'd guess you can still constitute benefit even with PMI. Have you gotten an FHA quote?

Jun 25th 2013
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,823 contributions

You didn't state what your current rate is to give us something to compare to. Unless you have 20% equity based on a fresh appraisal, you are going to have mortgage insurance. It is possibly, depending on your current rate that a new loan with PMI is going to cost you more than what you have right now. If you don't have the cash to bring down the new loan balance to give you sufficient equity under today's rules, then you really have no options, Sorry ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950.

Jun 25th 2013
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,823 contributions

You didn't state what your current rate is to give us something to compare to. Unless you have 20% equity based on a fresh appraisal, you are going to have mortgage insurance. It is possibly, depending on your current rate that a new loan with PMI is going to cost you more than what you have right now. If you don't have the cash to bring down the new loan balance to give you sufficient equity under today's rules, then you really have no options, Sorry ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950.

Jun 25th 2013
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