When say "zero down" I am not sure you understand what that means...
...what matters for a REFI is not "how much downpayment" you can afford but what sort of equity (if any) you have.
If you originally put "nothing down" and your condo has declined in value then refinancing is pretty much I possible UNLESS you have neen making payments for so long that your equity is still above what you owe. (which is all bit impossible as you've only be in the place for three years...)
Having lost approximately $50k in value is important, but only as a it relates to EQUITY...
I have to say that I really donut even the most optimistic real estate prognosticator beleived that real estate will be zooming up over the next two years.
Without more details, like how much you originally financed, how much equity you may have, overall finacial situation it is impossible to recommend your next move...
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