Health & Fitness
Mortgage Q&A:
Chip Poli, CEO of Poli Mortgage Group, Inc., talks refinancing and real estate law.
Are there any programs that allow additional money in the mortgage for refurbishing the home I am buying or refinancing?
Yes, specifically there is a program offered by HUD. The FHA program is called the Streamlined 203(k). FHA’s Streamlined 203(k) program permits homebuyers to finance up to an additional $35,000 into their mortgage to improve or upgrade their home before move-in. With this new product, homebuyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser.
Do I need to hire a real estate attorney when I’m closing on a house?
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We would suggest that you have representation from an attorney when closing on your home. This would be for a refinance and or a purchase. Your loan officer should be able to suggest an attorney for you if you do not know one on your own.
If you have a first and second mortgage can you refinance the first independent of the second?
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No, all liens on your property are taken into consideration when refinancing a home. The loan amount of your first lien divided by the value of your home is called the LTV (Loan to value). The combination of the first loan and the second loan divided into the value of your home is called the CLTV(Combined Loan to Value). Both of these items are taken into consideration to determine the eligibility of the borrower to do a refinance along with other factors.
