Bought a house in Kato in April fixer upper(Poor Condition rental Property) and used MN DPA, didn't know I can't refinance or don't have equity until that's payed off. Eventually the house will be rental and refinance.
You can potentially refinance as long as you have the equity. You can roll in the DPA into the new loan or "resubordinate" the 2nd lien. I would suggest refinancing as your primary residence if possible as opposed to refinancing as a rental/investment property.
If you're hoping to refinance because your home isn't affordable for you, do yourself a favor. Sell your home and buy something cheaper (or now just rent since it's considerably cheaper to rent).
Thank god I have a VA loan and IRRL eligibility.
Bought a house in Kato in April fixer upper(Poor Condition rental Property) and used MN DPA, didn't know I can't refinance or don't have equity until that's payed off. Eventually the house will be rental and refinance.
You can potentially refinance as long as you have the equity. You can roll in the DPA into the new loan or "resubordinate" the 2nd lien. I would suggest refinancing as your primary residence if possible as opposed to refinancing as a rental/investment property.
If you're hoping to refinance because your home isn't affordable for you, do yourself a favor. Sell your home and buy something cheaper (or now just rent since it's considerably cheaper to rent).
Yup, can't refinance if you don't have at least 10% of equity.
Per my video, you need at least 3% equity for conventional loan refinance