Can I refinance my current mortgage and equity line into a 30 year fixed?

I took at 80%/20% loan to get into my first house. 5 year fixed ARM (4.5%) and equity line for the 20% @ 10% (adjustable). I have never missed a payment on either of these loans over the 3+ years. I would like to turn this loan into a loan to eliminate the equity line. Initial loan was 200k, I currently owe 190k on the loan.





Can I do this without putting cash down (20%)? I do not have 20-40k to put on this refinance loan as my wife and I each are full time employees and full-time graduate students. What options are there out there?Can I refinance my current mortgage and equity line into a 30 year fixed?
What you want to do first is find out what your house is currently worth. Visit http://www.zillow.com to get a rough idea.





If you haven't missed any payments and you have provable income suitable to support the loan you want to find a HUD-APPROVED FHA LENDER in your area.





With an FHA loan you can combine the two loans up to 97.75% of your home's value.





In closing, I have nothing against Mortgage Brokers. Just don't use them for an FHA loan. If they can do it at all, it will take up to 3-months to get done. An FHA Direct Lender can underwrite and close your loan in 7-days.





Good luck. Don't be afraid to ask your loan officer tons of questions. We get paid pretty good to answer them.Can I refinance my current mortgage and equity line into a 30 year fixed?
You probably can but should contact a local lending source to see where you stand.





Don't waste your time contacting the scumbag spammers who post their ';I can help!'; garbage here. Most of them are scammers working out of Nigeria or Latvia or some other God-forsaken hellhole. Even if they're not, they're not bright enough to read the CG and TOS so would you REALLY want to trust them with a major item like a mortgage??

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