I have a loan with BoNY Mellon that is service by BoA - I am upsidedown as far as LTV. I have never been late, have great FICOs but my income has decreased and I need to refinance 106% - Are there any programs out there MHA states I qualify for MHA program but BoA says I don't because I am not 60 in default. I wioulkd qualify for refi but don't have enough funds for 20% down + deficiency + Closing cost and points. Please any help would be greatly appreciated - I don't want to lose my home.
If your current mortgage is not owned by Fannie. Freddie or FHA/VA you don't need 20% equity to refinance but other than MHA option (and going late on your mortgage) I don't believe there are any options that will finance more than about 97% of the current value of the home. Your specific options will vary based on your qualifications including credit profile, income and debts, as well as the type of home (condo vs. single family etc.). If you have the ability to bring some cash to closing to bring the loan amount down to those levels, talk to a reputable mortgage lender in your area about your options, or feel free to contact me - I can lend in most states.