HELP WITH REFINANCING
I'll start at the beginning, about 5 years ago I entered into a modification with CITIMORTGAGE. This was due to my taking a pay cut, and it all went fine. Now things have improved with me financially and I want to take advantage of these lower interest rates. I'm 60 plus years old and in pretty good shape, I'm retired from the US Air Force with a retirement income for life. What I'm seeking is a mortgage payment not to exceed my retirement income. I presently work overseas and pretty sure I can work as long as I want, however, it would give me peace of mind if I could convert my FHA loan to a VA backed loan. My credit score about 665 and my wife's is 703, no late mortgage payments. The 1 thing that's really upsetting me is my present mortgage payment is more now than when we went through the modification 5 years ago. Can this be explained, I think the government needs to look into this. By the way my interest rate is 5.65, and I think there's at least 3.50 or less out there, any ideas??? SAM, Fl by samnpu_919_365 from Valparaiso, Florida. Sep 8th 2012
Barb Lanis (BarbLanis)
#69 ranked lender in Illinois - 679 contributions
You should look at your loan mod agreement. It sounds like it was not a permanent mod and they set you up for a gradual increase during the 5 year mod period. Very few modifications are permanent - especially those done in the early days of the real estate downturn. I would contact Citi and inquire whether you can re-write the loan mod to permanent or at least adequate time to get you through the next several years.
Todd Tholl (toddtholl@leader1.com)
#4 ranked lender in Iowa - 239 contributions
Either your taxes or insurance has increased or your modification contained terms allowing the increase at some point. Either way, based on the limited info you've provided here, you should qualify for a VA refi as long as you're not upside down on your home & your income supports the payment.
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
VA will only do owner occupied properties, and you cannot finance more than the home is worth.. so if you have negative equity, it won't work.. if you're not living in the home it won't work either... FHA on the other hand will allow you to refinance even if you don't live in the property... however, if your loan was "Modified", then not many lenders out there will refinance a "Modified" loan.. Some will, but most wont... some of the folks i talk with will use the word modification, when all they really did was refinance.. so if you refinanced your loan, you can refinance it again using FHA and no appraisal... if you did actually get a loan mod, then your choices are limited.. also as Bennet said, you do need to have filed US tax returns because without them, you cannot use FHA or VA...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
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
I agree with Larry. Find a Mortgage Banker/Broker in the area of the property to see what your options really are. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com ~ 888-889-9950
Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions
You need to look at your modifcation papers, a lot are written for a 5 yr plan at X AMOUNT , then after the 5 yr plan, your payment witll be X AMOUNT, for 1 yr, and next yr, etc... i am pretty familar with how modications work.. my email is yourloanpartnerforlife@live.com linda or you can call me at 602-330-1598 linda
Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions
We cover FL. Contact me if you would like me to look into your situation to see if there is something we can do for you. Team@BestMortgageOption.com
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