Reply #14: FHA [View All]

[Yo_Mama]

Try FHA for a primary. FHA usually is good about refurnishing loans. With a near 700 score, I would think you could get a loan easily from them. Their current interest rates are really low, although the up-front charge was increased this spring.

If you get a Home Equity Line of Credit, can't you take out just what you need? The payments on HEs are usually a percent of principal plus interest. You need an appraisal plus title, and those fees add up.

With interest rates so low, I know it is hard to get a small loan, but this is ridiculous. The problem appears to be that taking a small loan will put the associated costs so high that your loan would become a HOEPA loan, and very few lenders do those (they are frowned upon by regulators). So really you have to refi the first with a cash-out.

Fannie has some programs that might be helpful also if your income is below the area median, which you can look up here:
https://www.efanniemae.com/sf/refmaterials/hudmedinc/index.jsp?from=hp

Who has your original mortgage?