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VHDA conventional loans and refinance advice

I bought in 2007 with a VHDA 30 year fixed loan. I am underwater as I owe 180k and the home value is 165k. I am looking to refinance but as usual I am not eligible since I am not FHA but conventional. I am a single mother in grad school and teacher so I need my credit as my son will be graduating soon from high school and we have college around the corner. I am trying to avoid walking or making late payments that may hinge my credit. Any advice would be great! by jillzat32@aol.com from Fredericksburg, Virginia. Jan 29th 2016 Reply


I am not Fannie Mae or Freddie Mac so no harp for me also vhda said nothing they can do so seems I will have to find another avenue

Jan 31st 2016
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,917 contributions

Unfortunately, you have limited options.. First and most obvious would be to pay down your mortgage to where your loan to value is at or below 97.75%, but this can cost you over $20,000 (not Advisable).. the 2nd option would be an FHA "Short Refinance". (Very advisable) Under this program, if your 1st lender would be willing to discount your mortgage payoff a minimum of 10%, then you can refinance with FHA. Here is a summary sheet outlining the program details... http://portal.hud.gov/hudportal/documents/huddoc?id=factsheetconsumershortrefi.pdf The last option would be to still use this FHA program, but convince the lender to allow you to do a first mortgage, and then with the remaining payoff balance as a 2nd. Your last option would be to wait till the value increases enough to where you have sufficient equity to refinance using conforming guidelines.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Feb 1st 2016
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sandra musselwhite (sandra)
#103 ranked lender in Virginia - 5 contributions

suggest you contact VHDA directly to work this out--also have you tried HARP?

Jan 30th 2016
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sandra musselwhite (sandra)
#103 ranked lender in Virginia - 5 contributions

why are you selling? with the market as it is now if you can just stay or keep the house the price will go up--if you have to move my best advice (and I have 40 yrs in the business--if you have to move rent it out to cover payments..and BUY time! Obviously this is an easy answer as I do not know your situation.

Feb 1st 2016
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