Posted on: 13th Aug, 2010 01:25 pm
i am trying to refinance w/ an 80/20 loan to value. the home appraises for 250k and the loans total 215k. i want to pay down 1 loan w/ a personal loan to make the loan 200k and loan to value work. the lender says per fanniemae guidelines this personal loan is not an acceptable source of funds. i have funds but do not want to liquidate at his time. i have sufficient income. what to do? are they correct?
I believe that's in regards to purchasing not refinancing. Pay down the loan then finalize the refinance.