Thread: Home and Auto Gotta bite the bullet and refinance, but I have no clue what I'm doing...
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Old 03-31-2013, 04:40 PM   #22
BigRedChief BigRedChief is offline
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Quote:
Originally Posted by Spott View Post
I tried to refinance from 5.875 to a lower rate. Even though my credit score is over 800 no bank will do it unless I put down about 80-90 grand because my loan isn't owned by Fannie Mae or Freddie Mac and isn't a FHA or VA loan and my house is now worth a lot less because the housing market in Florida is about 35-40% of what it was a few years ago.
We locked in two weeks ago in Florida. Traditional 5% down home loan. No government or FHA/VA involvement etc.

If you are upside down on your mortgage no one will refinance a loan for more than the house is worth. If thats not the case, why can't you refinance with that credit score?
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