Posted on: 17th Apr, 2007 05:17 am
hi,
i need a loan for property in texas, home value worth $250,750, it's is a single family residential property and owner occupied. i am ready to submit full documentation. it's basically to do a refinance at 85% ltv. but i do have a gap in employment for 5 months; otherwise my current job is fine as was the earlier one month ago. i am the primary wage earner having 660+ fico and my wife will be the co-borrower, fico 600. can anyone help??
i need a loan for property in texas, home value worth $250,750, it's is a single family residential property and owner occupied. i am ready to submit full documentation. it's basically to do a refinance at 85% ltv. but i do have a gap in employment for 5 months; otherwise my current job is fine as was the earlier one month ago. i am the primary wage earner having 660+ fico and my wife will be the co-borrower, fico 600. can anyone help??
Hi Martonosi,
Welcome to Mortgagefit discussion board.
What you have heard is quite correct. As per laws borrower cannot refinance more than once a year. This provision was made to stop loan flipping where multiple refinance with high fees results in reduction in home equity with every refinance transaction.
Do let me know if you have any other questions.
Thanks
Blue
Welcome to Mortgagefit discussion board.
What you have heard is quite correct. As per laws borrower cannot refinance more than once a year. This provision was made to stop loan flipping where multiple refinance with high fees results in reduction in home equity with every refinance transaction.
Do let me know if you have any other questions.
Thanks
Blue
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