Posted on: 27th Mar, 2009 09:16 am
I am 62 years old. I receive $5200 per month from ss and long term disability. My current house payment is $2950 and is a 15 year loan - 14 yrs. left. I have been disabled for 8 months and did not expect this to happen. I owe 323,000 on my house that has been apraised at 376,000 this month. I can't get ny lender to go 30 years or do anything. My wife has some small income but the length of employment is short. What options do I have if any?
Phillip,
With the figures you provided you are at 85% LTV. In this case you will have Mortgage Insurance. Anything above 80% requires. Depending on your credit and income you will either have a conventional or fha loan. If you need any assistance please feel free to contact me.
Thanks!
With the figures you provided you are at 85% LTV. In this case you will have Mortgage Insurance. Anything above 80% requires. Depending on your credit and income you will either have a conventional or fha loan. If you need any assistance please feel free to contact me.
Thanks!
Why would you want a 30 yr mortgage at 62 yrs old? there are many options for you.
Ashley, he MAY qualify for the DU REFI PLUS program that is beginning shortly.....and there would be no PMI in the new loan if the current loan does not have PMI.
