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Moved due to job transfer to NC and bought our first house a year ago, income was $55,000 base pay we got a $167k loan on a $176k house with $4k in closing cost assistance and around $7000 or so in down payment w/ 5.75%.
Income now cut to $33,000 base but wife now has a job making $26,000. My income is more around $40k due to working more than base pay hours. My credit score is around 780 wife's probably around 720, although we don't know for sure because I am the only one who had credit pulled to get the mortgage.
Recurring debt are student loans @ $400/month.
No idea what the house would appraise for now, I'm thinking around $170k vs. $180k when we bought.
I'd go to the forum for your locale and ask for a good mortgage broker. It's their business to answer questions like this one, with no obligation to you. If your household income is more now and your house hasn't depreciated much, and your credit is good, I don't see why you wouldn't qualify. But I'm no expert on this.
Moved due to job transfer to NC and bought our first house a year ago, income was $55,000 base pay we got a $167k loan on a $176k house with $4k in closing cost assistance and around $7000 or so in down payment w/ 5.75%.
Income now cut to $33,000 base but wife now has a job making $26,000. My income is more around $40k due to working more than base pay hours. My credit score is around 780 wife's probably around 720, although we don't know for sure because I am the only one who had credit pulled to get the mortgage.
Recurring debt are student loans @ $400/month.
No idea what the house would appraise for now, I'm thinking around $170k vs. $180k when we bought.
Thoughts? Or are we screwed?
I haven't had any of my clients experience depreciation here in the Triangle area so you may not be in bad shape, but don't know exactly where you are. If your wife has been working a few months and she can show she worked before the relocation shouldn't be a problem getting approved. If your loan is FHA the appraised value is irrelevant to refinance. PM me if you want to take a closer look without airing your information here.
I haven't had any of my clients experience depreciation here in the Triangle area so you may not be in bad shape, but don't know exactly where you are. If your wife has been working a few months and she can show she worked before the relocation shouldn't be a problem getting approved. If your loan is FHA the appraised value is irrelevant to refinance. PM me if you want to take a closer look without airing your information here.
You can probably FHA Streamline it. Call a good Broker like...i dont know...^this guy...
I came across this the other day Making Home Affordable - Home We also bought a year ago and has 6.3%. We want to refinance to a lower rate. We have contacted our bank and they said we qualify under the above program but we need to wait until they finish structuring how this would work. You might want to contact your lender first to see what they'll offer.
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