How can I refinance my home without an enormous downpayment?

My interest rate is going to increase in july. I%26#039;ve been checking around with different banks regarding refinancing. Every bank has told me that my house probably won%26#039;t appraise at what it did when I bought my house and even if it does I need to have $8000 down. My husband is the only one working right now so it%26#039;s almost impossible to come up with that much money and I really don%26#039;t want to take out another loan for a downpayment. Please understand we are making our payments and are not near foreclosure. Yes when we bought our home neither of us had credit at all so we did get a subprime loan. We were approved for over $200,000 but did not spend near that much in case something happened to one of our jobs we%26#039;d still be able to make the payments. I just don%26#039;t understand how banks expect people to come up with that much so quickly especially now with the economy the way it is.

How can I refinance my home without an enormous downpayment?education loans

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How can I refinance my home without an enormous downpayment?

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The problem is the subprime loan. What you need to do right now is begin looking every day for a solution. The closer you get to July, the bigger the problem will be to try to fix. The bank is right about the appraisal because all homes have gone down in value over the inflated prices. You will have to make up the difference. You need to get a job and raise your income level now or you probably won%26#039;t qualify for a loan of any kind. I%26#039;m guessing that you bought a home that you couldn%26#039;t really afford and that is the reason for the subprime in the first place. If you want to keep your home, you need to get a job and get a 30 year fixed loan in place as soon as possible. If the value of your house gets lower, you will need more downpayment so keep calling until you get it fixed. Good luck.|||Michelle, as an appraiser I get calls everyday from lenders asking for a value check before they order an appraisal. And it alot of cases the value isn%26#039;t where they need it to be to refinance. But I%26#039;ve also gone back to lenders with a value range lower that what they told me orginally and they order the appraisal.

Have you talked with your current lender? They may not want to help if you%26#039;re on time with payments, but try anyway. There is a counseling agency that HUD has approved, you should call them too; 888-995 HELP.

I would want to see a good faith estimate of what the numbers were. Check the fee%26#039;s carefully. You can negotiate all their fee%26#039;s. Ask the loan officer to give up some of his commission like you do a Realtor. If they want to do the loan, or keep the loan, then they should work with you.

Best of Luck