Home : Blogs : Rey Gallegos Mortgage Loan Officer Las Vegas, NV : The Mortgage Insider with Rey Gallegos

Upside Down? Need To Refi? This Program May Help!

In Las Vegas, this is an all too common scenario. You purchased your Las Vegas home 2 or 3 years ago with 100% Financing. Your ARM is getting ready to adjust to some astronomical monthly payment. Due to the declining market you owe more than your home is worth Upside Down.

This situation has kept MANY homeowners up at night! When trying to refinance yourself out of the predicament, most Mortgage Brokers and Lenders have told you to take a hike! What they don't know is that you may still be able to refinance.

A little known secret about FHA Home Loans is that FHA will allow you to refinance your home if you are Upside Down. This is a very common scenario now-a-days. You may be a candidate for this refinance if:

You can qualify for an FHA loan
Your have a first and second mortgage on your home currently
The first mortgage is less than 97% of the homes current value
Your first mortgage loan amount is less than $304,000 (Las Vegas)
Even if you have fallen behind on your payment FHA will still consider this scenario

If this sounds like your situation you can learn more about qualifying for an FHA Loan here. Also, feel free to contact me directly with questions.

Your mortgage partner for life,

Rey "Steak Dinner" Gallegos
Senior Loan Officer

Five Star Mortgage

Email: rey@steak-dinner.com
FHA Approved Mortgage Broker

Your complete community mortgage broker
Proud member National Association of Mortgage Brokers

Posted by Rey Gallegos Mortgage Loan Officer Las Vegas, NV on 11/17/2007 08:42 AM

Comments (9)

las vegas upside down loans, las vegas upside down home loan, las vegas upside down mortgage, las vegas upside down mortgages

This post has been included in Nevada Information Clark County, NV Information Las Vegas, NV Information

9 Comments on Upside Down? Need To Refi? This Program May Help!

NOV

2007

Hey Steak,

Are there other options for people that are upside down and need to refi or do a short refi to be able to keep their home? I am working with many that are in trouble and are upside down to the tune of 60-100k.

Thanks!

RJH

Thanks for the info - I'm working with the same kind of people as Robert and am curious about that, too.

The answer is yes, in some cases. They may be candidate's for an upside down refinance if:

They can qualify for an FHA loan
They have a first and second mortgage on your home currently
Their first mortgage is less than 97% of the homes current value
Their first mortgage loan amount is less than the FHA Limit in CA.
Even if they have fallen behind on their payments FHA will still consider this scenario

I am a California FHA Approved Lender also. If you have some people that may be able to fit into the above scenario I would love the opportunity to help them out. Feel free to contact me directly!