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martin_bonnie · Joined: 11 Apr 2009 Posts: 1 1.35 Dollars($)

We lived in a home in AZ for 4 years while stationed there. In 2007 we transferred to CA where we rent base housing. Our home in AZ has an ARM that changes in June 2009 and a Heloc. The value is at about break even. I would like to refi to lock in a fixed rate but since we are not living in the home no bank will help. We'd like to retire there in 4 yrs, but can only get 70% financing and we'd have to come up with 60K to refi. I can't believe we are the only family in this predicament. Everyone I have spoken with including the banks, the VA, the JAG on the base and the base financial counselors say since it's not owner occupied they can't help. Any suggestions?

jameshogg · Posted: Sat Apr 11, 2009 11:02 pm Post subject:

Hi bonnie,

As you are not living in the property, it would be difficult for you to refinance it at a lower rate. If you want to lower the rates, then you can come up with 60k as you have mentioned that you will be getting only 70% of the financing. You can put in 60k and refinance the property at a lower rate. Otherwise i don't think you'll be able to refinance.

Thanks

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Is there any help for Active Duty military that has had to relocate?