Mortgage Question?
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You got two loans to avoid the PMI that is charged on a loan that is over 80% LTV. In certain cases and with the proper income there has been a law passed that makes PMI tax deductable for certain home owners.
Check with your tax consultant to find out if you qualify for this tax deduction.
Also Sub-prime loans help lots of people and are not shady. You just have to read the loan docs to determine if you can pay for any adjustments that might arise.
The other thing about sub-prime is that a few of the clients requested and got a stated income loan, where you don't have to prove your income with documentation. They knew before they signed the loan docs they could not make the mortgage payments.
If you have a mortgage that need refinancing that is below $417,000 you might try a FHA loan.
The best way to see if you are qualified for a refinance is to look in your local telephone book, call one of the mortgage brokers that indicate they can do government loans.
You will need to complete a mortgage application so this mortgage broker can run a credit check and see what mortgage programs you are qualified for.
Even though you will need additional documentation to complete any mortgage you will need these to start the process. You will need these items for each person that is on the mortgage.
#1 2 years of w-2 forms from your employer
#2 W-2 forms covering one month
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