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Refinancing for a senior family member in Virginia.

I have a elderly (60ish) family member that currently has a rental property with an LTV of 60%. Her current loan is a 5 year ARM @ 6.5%. We're trying to see our options in regards to a 15 year mortgage. I believe she has a low end income, (30-40k a year). She owes 275,000 and the property is worth 425,000 in Virginia.She was foreclosed on over two years ago on a different property due to health reasons. Her current loan is perfect on payments for at least the last 18 months, maybe 2 years. I am not sure of her credit score (I believe in the range of 650-675 FICO) but her mortgage is her only line of credit. She also owns another unencumbered property worth 220K. What are her options? If she does not qualify for a 15 year FRM, can she get a 30 year on a lower rate. Are there any other options? by 1ner3p_270_705 from Charlottesville, Virginia. Oct 10th 2011 Reply


Tough situation going on. Low income, relatively low credit scores , a recent foreclosure and an non owner occuppied property. My best advice is to wait for the 5 year ARM to adjust and if the indexes stay where they are she should see her payment go down at least 2% possibly more. Phil GoldbergVirginia Commerce Bank

Oct 10th 2011
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

If there is a foreclosure inside of 3 years, she cannot qualify for any FHA, Conventional loan product. The only exception is a HECM, (Reverse Mortgage) through FHA.. if she refinances her primary residence and it's paid for, she can get the cash out and pay off her other property assuming there's enough equity... If you get with a local mortgage broker, not a BANK... they should be able to guide you to the right loan product for your particular scenario.. WilliamAcres.com

Oct 10th 2011
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Glenn Main (gmain07)
#41 ranked lender in Maryland - 10 contributions

Since she was in Foreclosure a couple of years age she won't qualify for a refinance but she will qualify for a reverse mortgage. Please call me at 1-800-332-9221 ext 2324 my name is Glenn Main at Equity Mortgage Lending gmain@equitymortgagelending.com. NMLS# 140978.

Oct 10th 2011
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Gordon Dempsey (travlerm)
#26 ranked lender in Virginia - 26 contributions

Your family memeber has the best option with a reverse mortgage. This would give them a good source of income .I have programs that will do a reverse mortgage for the criteria that you mentioned for your family member. I am a Virginia based mortgage loan specialist. I can place this loan with many lenders from just one application and credit. Give me a call at 540 293 9296, I am based out of Roanoke, Virginia. I can go down to a 560 on the credit score. call me Gordon Set2GoLoans,inc

Oct 10th 2011
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