What Are Our Options For Refinancing 3 Years Post Foreclosure?

MargaretC

LoanSafe Member
Jan 4, 2010
522
1
18
Bay Area, California
It is my understanding that we can only get an FHA loan which will require PMI and an initial payment of, in our case, around $6000. We want to get out of our ARM, but not too thrilled about these extra costs.

Do we have any other options?

If not, we are thinking of just keeping the ARM and hoping interest rates don't get too high in the next 4 years.....

Thank you!

Margaret
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Aug 10, 2007
26,850
466
1,000
49
Southern California
www.loansafe.org
Hi Margaret,

The only other options other than FHA that I know of to refinance 3 years post foreclosure is a 7/1 or 5/1 ARM loan that has a minimum loan amount requirement of at least $300,000. The current rates are around 4.75 percent (4.88 percent APR) with a good credit score (680+ credit score).