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Originally Posted by annadrose  From what I have seen they are looking for 20% down. If you have an FHA loan you might be able to refinance a streamlined FHA which may lower your interest rate and you would not have to prove anything they just take the previous information and update it. |
I know OP said 2nd mortgage, but, since Anna mentioned this, I called about a VA loan refinance (STreamline) and it is the same thing, 100% financing, and you can even put up to I think $6,000 of home improvement into your loan, and the closing costs. I guess since the VA guarantees it, they feel better about it??
What about PMI for all these "new" mortgages that people are not paying??? I thought the PMI was to insure the mortgage?