refinancing mortgage is still a challenge

Posted on Aug 21, 2012 in HARP Refinance

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Question by bonzai12: Can a builder force me to refinance?
I signed a contract to build a house, advice this is a no contingency contract. The builder has an in house mortgage company and they were going to finance the new home. I have a truth in lending statement from them but here lies the problem. This home was going to be a VA Loan however; my current home is a VA Loan and I am not able to have 2 VA Loans. My existing home has been on the market just a few weeks after the sales agreement was signed, but it hasn’t sold. The builder is now saying I need to refinance out of my existing VA Loan and get a FHA Loan so I can release the VA eligibility and apply it to the new home. They discovered I had an existing VA Loan 2 weeks ago. The closing is in 3 weeks. The home is 95% finished. They are saying since this is a no contingency agreement I need to do everything I can to close this house. I am not even worried about the earnest money, I just don’t any litigation to come out of this. Also, I don’t have a whole lot of equity in my existing home for the refinance. I am in talks with a lawyer know. This isn’t about buyers remorse, it is about not being able to get financing. One more thing, how can a company build a house without a commitment letter from a mortgage lender? Thanks for any help.

Best answer:

Answer by Don
Several people made mistakes here. First the builder, knowing you were using a VA loan should have asked about your existing house loan. Unfortunately with lending being tight right now you will probably have a hard time refinancing your existing home especially if they know you are building a second and this will not be your primary residence. I am thinking that it looks like you will loose your earnest money and have to stay where you are for the time being. You should not have any legal ramifications since that is what loosing the earnest money is for. Sorry about your predicament.

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refinancing mortgage is still a challenge
Harp 2.0. In March, visit this site a revised version, page known as Harp 2.0 – the program that helped Dunn – went into full operation. It removes the limit on how far underwater could be a borrower. There were also lenders protection from liability loans they refinance …
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Mortgage Rates: 30-year fixed rate mortgage rises to 3-week high
Seriously low mortgage rates and the 4 different mortgage programs for underwater homeowners to refinance has put within the reach of millions of U.S. households. Between the HARP, refinance, the FHA Streamline refinance, VA Streamline Refinance, which …
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2 Comments

  1. I enjoyed the article on government loans.

  2. I just sent this post to a bunch of my friends – I agree with most of what you’re saying here.