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I need help with my mortgage, I need to lower my monthly payments

I have an ARM right now and the payments are getting higher. The trouble is I don't know if I can refinance or not. I don't think our home has enough value. We owe $89,000 and the last time we had it appraised it came in at $96,000. It might be lower now. What do you need to have in order to refinance? by tonilakeland from Lawrence, Kansas. Feb 10th 2011 Reply


Rich Constantine (rconstantine)
#399 ranked lender in California - 79 contributions

There are a couple things you can do. You can check the Fannie Mae and Freddie Mac data base and see if your loan is owned by them. If not, no problem, you can do FHA. FHA will lend up to 96.5% Loan to Value. I lend in all States. I have low rates and low fees. Feel free to click my link. Hope this helps. RC

Feb 10th 2011
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Korwin Wall (Korwin Wall)
#2 ranked lender in Kansas - 37 contributions

You should be able to refinance using an FHA loan. Give me a call if you want me to run an analysis for you.

Feb 10th 2011
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Patrick McCarthy (PatrickM)
#22 ranked lender in Ohio - 196 contributions

Hi ToniFHA will loan up to 97.75% of the appraised value in some states and 96.5% in the others. If you have a Fannie Mae or Freddie MAC loan, you can possibly take advantage of a special gov't program allowing over 100% of the value of your home. Without more detailed information from you, it would be hard to tell you if you qualify for these programs or not. I can help you determine that, if you like. I am able to fund mortgages in 47 states. Feel free to call on me. Patrick McCarthy, Northpointe Mortgage, 866-901-3576

Feb 11th 2011
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