The individual took the loan out quite awhile back, when she was a struggling single mother. Now she is making around 80K per year, and doing fine. Wants to refinance so as to consolidate debts into a low interest, low payment fixed loan. The prospective mortgage companies won't touch her existing loan due to the fact that it is a USDA loan.
How long does a person have to stay in a USDA loan, before they can refinance with another mortgage company?
Whenever you can find an institution that will buy it and refinance it to you. But, you wouldn't be able to afford their interest rates. I would suggest that you contact USDA and see if they could apply a moritorium for you for delayed payments and possibly, they may even refinance it for you if you can meet their standards for this action.
Reply:Sounds as if she is in a government program. A lot of banks won't touch these loans because they are risky. So the government makes tax payers flip the bill.
Check with other lenders.
http://www.fsa.usda.gov/FSA/webapp?area=...
myspaces.com
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment