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Message
Another Refi Question
Posted on 12/16/11 at 6:03 pm
Posted on 12/16/11 at 6:03 pm
I would like to refinance my house to get in on some of this 3.5% action. Problem is, the couple of places I've called won't do it because my land is worth more than my house - 10 acres and an older house. Anyone know if this is normal or if there are any companies that may be able to work around this?
2
Posted on 12/16/11 at 6:49 pm to 7flat
quote:
the couple of places I've called won't do it because my land is worth more than my
I wonder if they are worried about you dividing up the land.
Posted on 12/16/11 at 10:22 pm to 7flat
How much would the house appraise for. What would the value of the land be? Maybe you could survey out 5 acres in only refinance 5 acres.
It may be possible to refinance without an appraisal.
It may be possible to refinance without an appraisal.
Posted on 12/17/11 at 4:34 pm to novabill
I had an appraisal to get rid of PMI about 2.5 years ago. It was 200k. Land is probably 100 to 150 of that. The property is not really conducive to being split because of its width, the presence of a canal, and local planning & zoning BS.
Posted on 12/17/11 at 11:25 pm to 7flat
Sounds like you may have a fannie loan. If so you may be able to get by without an appraisal.
Google"does fannie mae own my loan" if so talk to a lender about DU refi plus
Google"does fannie mae own my loan" if so talk to a lender about DU refi plus
Posted on 12/18/11 at 9:55 am to novabill
I used the lookup tool. Apparently they don't own it. Thanks for the suggestion though.
Posted on 12/18/11 at 3:54 pm to 7flat
Try the same for freddie mac.
Either way the automated underwriter may not require an appraisal. Has any lender ran it through DU(desktop underwriter) yet?
Either way the automated underwriter may not require an appraisal. Has any lender ran it through DU(desktop underwriter) yet?
Posted on 12/19/11 at 10:12 pm to novabill
Freddie Mac does own it. No one has run it through DU - my attempts to refinance haven't gotten past a phone call with anyone. So should I call someone and ask them to do this? Does it matter if I tell them about the land/house value situation upfront?
Posted on 12/19/11 at 11:41 pm to 7flat
The program would be freddie mac open acess refinance.
Not sure exactly how the land value issue would be involved with this refinance.
Who is your current lender?
Not sure exactly how the land value issue would be involved with this refinance.
Who is your current lender?
Posted on 12/20/11 at 9:38 pm to novabill
Gmac is the company. Thanks I'll take a look at that program.
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