yes it is possible, but snice it will be an unseasoned title, youll only be able to refi at around 70% or so.
as far as yuor new payment amount, without any info at all except the current payment amount there is no way possible to determine even a rough guess. i guess we could “assume” the remaining factors and take a guess, but thast all youll get, a guess.
there are payment calculators on the net for free, go to your search engine and look them up.
Posted by L.T (MI) on October 11, 2002 at 20:32:12:
Hello to all,
I have a quick question on the matter of refinancing. I have a buyer who is willing to sell his home on an assumption. The payments he makes now is 929.98 to the mortgage company. His mortgage is FHA assumable. I know that with those payments, I won’t be able to rent that property out. Is it possible to take title to the property, then refinance the mortgage to make the payments lower? If so, how low will I be able to get those payments?