Posted on: 22nd Mar, 2013 12:25 am
i recently went to my current mortgage provider to refinance my usda loan. the consultant told me that i cannot go for other loans as i don’t have 20% equity in the property. so, i need to go for usda loans only. i was ok with that as i want to reduce the interest rate. but once i started paperwork, i found that i can’t qualify for the usda loan as my gf earn more money to qualify for it. is there any other loan option which i may try out?
You can remove your girlfriend from the mortgage docs and then try to refinance the loan. This might help you getting a USDA loan.
Welcome Dion,
You may even look out for FHA loans. They don't require you to have 20% equity in the property.
You may even look out for FHA loans. They don't require you to have 20% equity in the property.
Have you tried checking on the downside of 100% financing or having less equity in a home?