FHA Loan

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I have a $665,000 mortgage, would like to refinance. I live in Randolph county NC, have a 780 credit score, but my dti is 47%. Are there any FHA loans that I would qualify for?

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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.

Answered By: Brent-Mendelson Level Rating

67points

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?

Answered By: skip Level Rating

9points

Answer #3

Skip Kittleson
NMLS #658891
301-252-7924

Answered By: skip Level Rating

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