Posted on: 04th Feb, 2013 12:59 am
hi there… i recently went to my current mortgage provider to refinance my usda loan. the consultant told me i could only get another usda loan because i do not have 20% equity in my house. we started doing the paperwork but found i do not qualify because my girlfriend (who lives with me) and i make too much money to qualify for a usda loan. does this sound right or should i get a second opinion?
Hi Kathy,
I will suggest you to take a second opinion. You should check out how much equity you have in the property. Depending upon that you can start applying for conventional or FHA loan.
Thanks,
Jerry
I will suggest you to take a second opinion. You should check out how much equity you have in the property. Depending upon that you can start applying for conventional or FHA loan.
Thanks,
Jerry
Hi Kathy!
Welcome to forums!
Even if you don't have 20% equity in your property, you can get qualified for a conventional loan with the help of a private mortgage insurance (PMI).
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Even if you don't have 20% equity in your property, you can get qualified for a conventional loan with the help of a private mortgage insurance (PMI).
Feel free to ask if you've further queries.
Sussane