Posted on: 11th May, 2010 12:07 pm
Hey, I'm currently have a 30yr FHA loan at 6.0% rate. The balance is about $230,000, and the estimated value of my house is about $200,000.
I was trying to streamline refi it into a 15yr loan, but they told me it is not possible to shorter the term without an appraisal under the new FHA streamline refi guildline.
So is there any other options available for me now to refi it into a 15yr loan?
I was trying to streamline refi it into a 15yr loan, but they told me it is not possible to shorter the term without an appraisal under the new FHA streamline refi guildline.
So is there any other options available for me now to refi it into a 15yr loan?
I don't think so. If the total borrowings exceed the value of the home, a new lender would need to accept that part of the loan was effectively unsecured, which seems unlikely.