VHDA conventional loans and refinance advice

Unfortunately, you have limited options.. First and most obvious would be to pay down your mortgage to where your loan to value is at or below 97.75%, but this can cost you over $20,000 (not Advisable).. the 2nd option would be an FHA "Short Refinance". (Very advisable) Under this program, if your 1st lender would be willing to discount your mortgage payoff a minimum of 10%, then you can refinance with FHA. Here is a summary sheet outlining the program details... http://portal.hud.gov/hudportal/documents/huddoc?id=factsheetconsumershortrefi.pdf The last option would be to still use this FHA program, but convince the lender to allow you to do a first mortgage, and then with the remaining payoff balance as a 2nd. Your last option would be to wait till the value increases enough to where you have sufficient equity to refinance using conforming guidelines.. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

suggest you contact VHDA directly to work this out--also have you tried HARP?

why are you selling? with the market as it is now if you can just stay or keep the house the price will go up--if you have to move my best advice (and I have 40 yrs in the business--if you have to move rent it out to cover payments..and BUY time! Obviously this is an easy answer as I do not know your situation.