Posted on: 22nd Mar, 2010 12:38 pm
we have a mortgage for our house that we built 15 yrs. ago using the usda section 502 direct funding, we have received subsidy over the years that at present time totals roughly 58k, we owe 89k on our loan. our interest rate is 8.75% (i know !!!) in jan we had our subsidy cut because they count anyone in the household's income and our 18 y.o got a pt job, so we are paying the max on our mortgage without any subsidy and want to refinance.
i know we can get a usda section 502 guaranteed loan because we already have a 502, but don't know who to review our options with, the usda is zero down but they require a 2% fee, i am so confused....
please help
i know we can get a usda section 502 guaranteed loan because we already have a 502, but don't know who to review our options with, the usda is zero down but they require a 2% fee, i am so confused....
please help
Hi Guest,
I would suggest you to contact your present USDA lender and apply for a refinance. If you meet the required criteria for the loan, you'll be able to refinance it. If there is a 2% fee required, then you'll have to pay that. If you're not interested in taking out the loan from the same lender, then you can have a word with other USDA lenders of your area. This community also has a number of lenders. You can seek a no obligation free mortgage consultation from them and get to know whether or not you would be able to qualify for a loan.
Thanks
I would suggest you to contact your present USDA lender and apply for a refinance. If you meet the required criteria for the loan, you'll be able to refinance it. If there is a 2% fee required, then you'll have to pay that. If you're not interested in taking out the loan from the same lender, then you can have a word with other USDA lenders of your area. This community also has a number of lenders. You can seek a no obligation free mortgage consultation from them and get to know whether or not you would be able to qualify for a loan.
Thanks