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Open Question: FHA cash out refinance situation? help needed?!?

Open Question: FHA cash out refinance situation? help needed?!?

This is a discussion on Open Question: FHA cash out refinance situation? help needed?!? within the Mortgage Refinancing forums, part of the Mortgage and Loans Forum category; I'm thinking of doing FHA cash out refinance for my home. My current loan is an ARM and wants to ...

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Mortgage Refinancing If your current mortgage has a high interest rate, you’re stuck in an adjustable rate mortgage, or you want cash out or to consolidate your debt, the answer to your mortgage problems is refinancing. Mortgage refinancing allows you to pay off the remainder of your existing loan by taking on a new loan with better terms. However, there are a number of mortgage refinancing options available to you. And within each of these options, there are particulars you need to be aware of.

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10-11-2008, 11:58 AM

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Open Question: FHA cash out refinance situation? help needed?!?

I'm thinking of doing FHA cash out refinance for my home. My current loan is an ARM and wants to change it to a 30-fixed. Can anyone that is a loan specialist or an underwriter or anyone that has any knowledge about loans tell me if my situation has a possibility that it could be approved? Or if it can't what other options do I have?Here's me my husband overall situation:- Credit score’s are low between 550 and 580- 1 late payment with current mortgage for the month of July 08 -we are both employed- Me for 4 years- husband for 7 years but took 1 year off for an illness in the family then went back to the same company.- Our income is good don't have to worry about that part- Home equity of about $200,000.00- Just want to take out about $50,000.00I'm desperate for any help that I can get because my ARM has expired. And I can't afford to keep up with these high payments.Let me know any lenders or anyone that can help me.Thank you!!

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cash, fha, needed, open, question, refinance, situation

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