FHA Loan



Answers
Answer #1

You should be able to refinance. Are you currently in an FHA loan now? Well I checked something. The DTI should be fine. But the limits for FHA in Randolph county is $271,000
NC limits are much lower than the DC area. Sorry but I don’t see a way around that. Conventional limits won’t go that high either.

Answers Answered By: Brent Mendelson Level Rating133points
Answer #2

With your loan size you will have to use a jumbo mortgage product, not FHA. The rate will be slightly higher but will probably be worth refinancing anyway. Jumbo loan products usually require 20% equity in the property as well. Some lenders I know will go up to 89.99% loan to value however. What is the approximate value of the property?

Answers Answered By: Skip Kittleson Level Ratingpoints
Answer #3

With your loan size you will have to use a jumbo mortgage product, not FHA. The rate will be slightly higher but will probably be worth refinancing anyway. Jumbo loan products usually require 20% equity in the property as well. Some lenders I know will go up to 89.99% loan to value however. What is the approximate value of the property?

Skip Kittleson
NMLS #658891
301-252-7924

Answers Answered By: Skip Kittleson Level Ratingpoints

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