QUESTION: Our ARM is expiring within about 9 months, we still maybe a few grand more than our condo is worth. We have a good credit rating (775) and about $5 thousand in the savings, along with NO credit card debt. Currently our lender wont refinance us due to our high LTV, they want an LTV about 80%. Which lender should I use? Does President Bush's new FHA plan help me at all? Do I even qualify?

ANSWER:It is good to have money to spend on closing costs. That will tip the bank most often to push your refinancing through. Try Chase.I know they do refinancing with 100% FTV. AS for President Bush's plan, as of yet it is offered at only a few banks, but you can find it if you look at enough lenders.

-M Petrone
Why refinance

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