Looking to refinance my home loan.....

You probably should have looked at all your options last month before you signed up for an FHA 5/1 ARM... You will have to wait at least 6 months.. Have the home reappraised.. and you would need a minimum of 20% equity, since your transaction would be considered a "Cash Out" refinance because of the 2nd mortgage... You could have done an 80/10/10 when you did your purchase last month and avoided the FHA MI.. or you could have done a 90% first and paid a greatly reduced MI payment... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Someone on this site will respond but what you may run into is needing to have 6 payments shown made on your credit report. The other thing you might run into is why couldn't you just do conforming Jumbo with MI instead of FHA? If it's because of your Debt to Income ratio's being above 45% then you wont get an Approve/eligible and won't be able to do a loan. Is that why you did an ARM?

FHA has become the norm for this type of lending.Lenders don't like making high loan to value Second mortgages anymore.If a relative or friend of yours could loan you about $62,000, I believe I could get you a Conventional first mortgage at 80% of $625,000 with your own source for a private money second. You might have to wait a year or two and if values rise you could refinance in to conventional financing with any issue.If you try to Re Fi right away, understand that the lender will use your purchase price as the value for the first 12 months.After 12 months a new value on a new appraisal will be used as value.Try to appreciate that you are part of history, capable of buying the home with less than 20% down at super low rates, made possible only by FHA in many instances.As the market improves, more aggressive lending may come back in to style. For now the rules and guidelines are strict and unforgiving.Think of The Mortgage insurance premium as the cost for the privilege of low down payment financing today.A ton of money in closing costs fees was paid either by you or the lender to close that deal. Get your money's worth buy holding on to that financing for at least a year. Your payments will reduce your principal over time. In fact, FHA automatically will drop the Mortgage insurance Premium after 5 years if the mortgage balance it at of below 78% of the original purchase price. Sound like you'll eventually refinance out of it before 5 years is up, but don't be in such a rush to get out of the loan you just got in to.Give it time to grow on you. It was meant to be long term financing. Try to give it at least a year for any decent refinance deal.Call me now if you'd like to discuss these things, especially if your friend can loan you $62,000., or watch your local market over time for value increases to help get you out of FHA financing after the first year. I'll be here in a year from now when this might make more sense.Jedd Nabonsal Vive President Brentwood Capital Group Los Angeles Mortgage Banker Jeddnabonsal@gmail.com Cell 310 433-1703

Ya.... something isn't right here. You just closed last month and you want to refinance today?

Unfortunately, there are no lenders that issue 2nd TD's when the LTV is that High. However, since you just closed last month you may have to bite the bullet for next few months and if the property goes up in value to 630,000 you may be able to do a conventional refinance if the county that your property is located in qualifies for a FNMA high balance loan. At that point I would do the loan as a LPMI(lender paid Mortgage insurance) loan. The lender/Broker will bounce the rate up to cover a one time PMI premium (this would eliminate the monthly premium) and lower you overall monthly obligation.